Bitcoin’s price has surged by nearly 8%, breaking through several significant hurdles in the process. Currently, BTC is in a consolidation phase and may experience a correction in the short term, potentially dropping towards the $65,000 mark. The cryptocurrency initially saw a strong uptrend, surpassing the $63,500 resistance level and maintaining a position above $65,000 and the 100-hourly Simple Moving Average. Additionally, a key bearish trend line was broken with resistance at $61,500 on the BTC/USD pair’s hourly chart sourced from Kraken.
Bitcoin has demonstrated strength by remaining above the $60,000 support zone. Following a period of consolidation, BTC initiated a fresh push upwards, breaking through the $62,000 level and conquering the $63,500 resistance along the way. Eventually, the price reached a weekly high of $66,411 before entering a phase of consolidation. Currently, Bitcoin is holding above the 23.6% Fib retracement level of the recent surge from $61,073 to $66,411. Moreover, it has held position above $65,000 and the 100-hourly Simple Moving Average, indicating a bullish sentiment in the market.
Immediate resistance for Bitcoin is seen near the $66,400 mark, with significant hurdles at $66,850 and $67,200. A breakthrough above $67,200 could trigger further upward movement towards $68,000, potentially even reaching $70,000 if bullish momentum prevails. However, failure to surpass the $66,400 resistance might lead to a downside correction. The first level of support is expected at $65,150, followed by a major support zone at $64,500. A break below $64,500 could signal a drop towards $63,500 or the 50% Fib retracement level of the recent upsurge from $61,073 to $66,411. Further losses may push the price towards the $63,000 support area in the short term.
When analyzing the technical indicators, the hourly MACD for Bitcoin is gaining momentum in the bullish zone, suggesting a potential continuation of the upward trend. Additionally, the Hourly RSI (Relative Strength Index) for BTC/USD is currently above the 50 level, indicating a positive momentum in the market.
Bitcoin’s recent price action has been characterized by a strong uptrend, with the potential for further gains if key resistance levels are breached. However, a downside correction cannot be ruled out if the cryptocurrency fails to maintain its bullish momentum. Traders and investors should closely monitor the $66,400 resistance level and the aforementioned support zones to gauge the future direction of Bitcoin’s price movement.