Bitcoin’s price surged past the $62,500 resistance, confidently moving above the $63,200 mark to consolidate gains above $63,500. This rapid price acceleration signals robust market enthusiasm, clearing previous hurdles and encouraging optimism among investors.
The transition above $63,200 marked a pivotal point, driven by a break in the bearish trend line at $63,220 on the BTC/USD hourly chart. As bulls took charge, the price soared beyond the $63,500 threshold, peaking at $63,965 before entering a consolidation phase.
After a minor dip below $63,750, Bitcoin tested the 23.6% Fibonacci retracement level from the $62,440 swing low to the recent $63,965 high. Currently, BTC is comfortably trading above $63,500 and the 100-hour simple moving average. Resistance first looms near $63,950, with more significant barriers at $64,200. Surpassing this level could propel Bitcoin towards the $65,000 mark and possibly higher to $65,500.
Conversely, failure to breach the $63,950 resistance might initiate a downward correction. Key supports lie at $63,500 and $63,200, which is also the 50% Fibonacci retracement level of the recent upswing. Should the decline deepen, the next critical zone is near $62,500, with further losses potentially driving prices down to $61,500.
Technical analysis reflects bullish momentum with the hourly MACD indicating increased pace and the RSI for BTC/USD standing above 50. Major support levels are identified at $63,500 and $63,200, while significant resistance levels are marked at $63,950 and $64,000.
