The cryptocurrency flagship, Bitcoin, is exhibiting a robust performance as it vaults over the $62,000 resistance threshold, stirring speculations of an imminent upwards trajectory that could see its value test the $65,000 resistance mark.
Gathering strength from a solid support base at $61,200, Bitcoin’s price is now charting a course above the $62,500 mark, well situated beyond the 100 hourly Simple Moving Average—a bullish sign for investors and market enthusiasts alike.
A pivotal breakthrough has come with the breach of a significant bearish trend line, pegged at a resistance of $62,300 on the hourly charts for the BTC/USD pair, according to data acquired from Kraken. This critical movement liberates Bitcoin from a previous restraint and coincides with the ascendance beyond the 76.4% Fibonacci retracement level of its prior decline; which tracked from a high-water mark of $63,583 down to a low of $60,108.
With the price now hovering over $62,500 and outpacing the 100 hourly SMA, an initial resistance looms at the $63,800 mark, with the subsequent bar set at $64,500. Climbing past this threshold, Bitcoin could initiate a bold charge toward the coveted $65,000 zone.
Should the bullish momentum be sustained, the surge could push past the $65,000 milestone and approach $65,500. The potential for further elevation may see Bitcoin aim for the 1.618 Fibonacci extension level of the receding motion from the $63,583 swing high to the $60,108 low, targeting a peak of $65,730.
However, if Bitcoin flounders at the $64,000 resistance level, it might be compelled to undergo a corrective downturn. The immediate cushion exists near the $62,750 range, with a more substantial safety net stationed at $62,250, aligning with the 100 hourly SMA. A breakdown below this floor has the potential to induce a significant pullback, with sights set toward the $61,000 territory, or even extending down to the formidable $60,000 support echelon.
Technical gauges are favorable, with the Hourly MACD escalating its presence in the bullish quarter and the Hourly RSI (Relative Strength Index) resting firmly above the 50 mark.
Support levels of note include the proximate $62,750 and thereafter $62,250, while resistance is mapped out at $63,800, followed by $65,000 and $65,730 benchmarks.
