Bitcoin price has shown significant growth recently, surpassing the $64,000 resistance level. Currently, it is maintaining gains above $62,800 and appears to be gearing up for more upward movement. There was a new weekly high at $65,500 before a slight correction took place. Despite this correction, the price remains above $63,500 and is supported by the 100 hourly Simple Moving Average. A key bullish trend line is also forming with support at $63,350 on the hourly chart of the BTC/USD pair, indicating a positive outlook for Bitcoin price in the short term.
If Bitcoin price manages to clear the $64,500 and $65,500 resistance levels, it is likely to continue its upward trajectory. The immediate resistance is near $64,500, followed by $65,000 and $65,500. A significant move above the $65,500 resistance level could propel the price higher to reach the next resistance at $67,200. On the other hand, if Bitcoin fails to break above $65,500, a downside correction may occur. Immediate support is seen at $63,350 and the trend line, with a major support level at $62,800. A close below $62,800 could lead to further declines towards the $60,800 level.
The hourly MACD for Bitcoin is currently in the bullish zone, indicating a positive momentum in price. The Hourly Relative Strength Index (RSI) for BTC/USD is hovering near the 50 level, suggesting a balanced market sentiment. Major Support Levels for Bitcoin are at $63,350 and $62,800, while Major Resistance Levels are at $64,500, $65,000, and $65,500.
Disclaimer
It is important to note that the information provided in this article is for educational purposes only. The opinions expressed do not represent the views of NewsBTC regarding investment decisions. Investing in Bitcoin or any other asset carries inherent risks, and it is recommended to conduct thorough research before making any investment decisions. Users should use the information on this website at their own risk.
Bitcoin price has shown resilience in maintaining gains above key support levels and is poised for further upward movement if it breaks above key resistance levels. However, traders and investors should exercise caution and conduct proper research before making any investment decisions in the cryptocurrency market.