
In the ever-evolving financial landscape of digital currency, Bitcoin appears to be strengthening its foothold, as its price made an impressive recovery, challenging the resistance barrier at $63,650. As part of a drawn-out process of consolidation, Bitcoin stands poised for another determined foray beyond the $63,650 mark, potentially setting a new record.
In a significant development, Bitcoin began to portray prominent progress by surpassing both the $62,500 and $63,000 milestones. The currency demonstrated buoyancy with its current rate exceeding $62,250, bolstered by the 100 hourly Simple Moving Average. Further meriting attention is a burgeoning bullish trend line, with clear support around $62,800, manifested on the hourly chart for the BTC/USD pair.
Provided this trendcontinue, Bitcoin’s momentum might grow bullish and breach the seemingly impenetrable $63,650 resistance zone.
Making considerable strides on its upward trajectory, Bitcoin initiated noteworthy advancement, transcending the $61,200 zone. The renowned digital asset overcame resistance barriers at $62,000 and $63,000, propelling it into a zone of potential short-term positivity.
Nevertheless, bears rallied their defense at the crucial $63,650 mark, forcing a high of $63,798 only to witness a subsequent downward correction. The correction saw a dip below the $63,200 level, instigating a test of the 23.6% Fib retracement level. This test encompassed the projected ascension from the $59,950 swing low to the impressive $63,798 pinnacle.
Now, Bitcoin’s price hovers above the $62,250 mark, with a bullish trend line making its presence felt with support at $62,800 on the BTC/USD pair’s hourly chart. If the currency gains traction, it could lock horns with resistance near the level of $63,250. The first significant resistance would be encountered at $63,650, and hitting $64,000 could mark a substantial milestone. An unequivocal surge beyond $64,000 might trigger a consistent rise, driving Bitcoin’s price to new heights.
In the hypothesized scenario, the currency might witness an escalation and challenge the formidable $65,000 resistance level. Any further increases from this point could potentially usher Bitcoin towards the $66,500 resistance in the near future.
However, not all trends move in a forward direction; should Bitcoin falter in its attempt to scale the steep $63,650 resistance summit, a gradual decline may be in the offing. Immediate support for such a downturn hovers near the $62,800 mark coinciding with the trend line. The foremost major support stands at $62,200, with consequent support shaping up around the $61,800 mark and the 100-hourly Simple Moving Average. These results teeter close to the 50% Fib retracement level for the ascension from the $59,950 low to the $63,798 zenith. A deeper fall might have Bitcoin bracing for support in the $60,500 region in the not-too-distant future.
Technical indicators paint a telling picture as well. The Hourly MACD now reveals a deceleration in the bullish zone, while the Hourly RSI for BTC/USD rests comfortably above the critical 50 level. Major support can be expected at levels of $62,800 and $61,800, with key resistance anticipated around $63,650 and $64,000.