Bitcoin inches closer to breaking record, eyes $65,000 mark

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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.

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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.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.