Bitcoin has recently found support near the $63,500 zone and is now showing positive signs of growth. The price has surged above the $65,500 resistance level, indicating a bullish trend in the market.
Bitcoin managed to break above a key bearish trend line with resistance at $66,000. This breakthrough suggests that the price could potentially accelerate higher towards the $67,500 and $68,000 levels in the short term.
Despite extended losses and a dip below the $64,200 level, Bitcoin bulls remained active near the $63,500 support level. The recent increase in price indicates the potential for further growth. The price is now trading above $65,500 and the 100 hourly Simple moving average, signaling a positive outlook.
If the price continues to rise, it may face resistance near the $67,000 level or the 76.4% Fib retracement level. The next key resistance levels to watch out for are $67,500, $68,000, and $68,500. A close above the $68,500 resistance could lead to significant bullish moves, with the price potentially reaching the $70,000 mark.
However, if Bitcoin fails to break above the $67,000 resistance zone, it could see another decline. Immediate support on the downside is near the $66,400 level and the 100 hourly Simple moving average, followed by major support levels at $65,500 and $65,000. Further losses may bring the price down to the $63,500 support zone in the near term.
The hourly MACD is gaining pace in the bullish zone, while the hourly RSI for BTC/USD is now above the 50 level. These technical indicators suggest a favorable outlook for Bitcoin’s price in the near future.
Despite some initial setbacks, Bitcoin’s price is currently on an upward trend with the potential for further growth. Traders and investors should keep an eye on key resistance and support levels to gauge the future direction of Bitcoin’s price movements.