Bitcoin (BTC) has experienced a significant uptick, breaking past crucial resistance levels at $61,500 and $62,000, and even surpassing the $63,500 mark to enter a bullish territory. The momentum carried the cryptocurrency close to the $65,000 zone, peaking at $64,900 before entering a consolidation phase.
Current Market Position
As of now, Bitcoin is trading robustly above $64,000 and the 100 hourly Simple Moving Average (SMA), indicating sustained bullish sentiment. It remains well supported above the 23.6% Fibonacci retracement level from the recent upswing from $62,320 to $64,900. Moreover, a significant bullish trend line is evident on the hourly chart, with support near $62,200.
Potential Upside and Resistance
If the upward trajectory continues, Bitcoin may encounter resistance near $64,800. The critical resistance level to watch is around $65,000. Surpassing this could trigger further gains, with the next resistance points at $66,200 and $66,500. A successful break above $66,500 could potentially lead to a steady rise, with the price aiming for the $67,000 mark.
Downside Risks and Support Levels
Conversely, if Bitcoin struggles to break the $65,000 resistance, a downward correction might occur. Immediate support can be found near $64,250. Further key supports are positioned at $63,650 and the 50% Fibonacci retracement level of the recent rally, extending down to $62,500. A drop below these levels might push the price towards the $61,500 support zone, which could hold critical in the short term.
Technical Indicators
– Hourly MACD: The Moving Average Convergence Divergence (MACD) is currently accelerating in the bullish zone, suggesting continued upward momentum.
– Hourly RSI: The Relative Strength Index (RSI) for BTC/USD is now above the 50 level, indicating a dominant buying interest in the market.
Bitcoin’s current performance signals a robust entry into a positive zone, with significant potential for further increases if it successfully breaches established resistance levels. However, traders should remain cautious of potential corrections and ensure they are prepared for shifts in support levels, which might indicate the market’s reaction to resistance tests.
