Bitcoin’s price is surging once again, breaking above the critical $63,800 resistance level. Signs indicate that the cryptocurrency could gain significant traction if it manages to clear the resistance zones at $64,750 and subsequently $65,000.
Currently trading above $63,650 and the 100 hourly Simple Moving Average, Bitcoin has demonstrated bullish behavior. There was a notable breakout above a short-term contracting triangle with resistance at $63,750 on the BTC/USD hourly chart, as per the data from Kraken. This breakout led to a high of $64,770 before the price began correcting its gains, experiencing dips below the $64,600 and $64,400 support levels.
Despite the correction, Bitcoin maintained a position above the 23.6% Fibonacci retracement level of its upward move from a $62,761 swing low to the $64,770 high. The cryptocurrency is still trading strong above $63,800 and the 100 hourly SMA, indicating potential for further gains. Should Bitcoin see fresh upward momentum, it will likely encounter resistance around the $64,750 mark, which acts as the first key level of resistance.
If this resistance is surpassed, Bitcoin could face the next significant hurdle at $65,000. A definitive move above this level might catalyze a further price increase, potentially propelling Bitcoin towards the $65,500 resistance point. Successfully closing above $65,500 could ignite a more substantial rally, with the next target being the $66,800 resistance level.
Conversely, if Bitcoin struggles to break the $64,750 resistance barrier, it might experience a downward trend. Immediate support on the downside is projected to be near the $63,750 level, aligning with the 50% Fibonacci retracement of the recent upward move. The primary support level sits around $63,250, followed by a more robust support zone at $62,500. Should these supports fail, the price might further decline towards the $61,200 region.
From a technical perspective, the hourly MACD is gaining momentum in a bullish direction, while the RSI (Relative Strength Index) for BTC/USD is positioned above the 50 level, indicating bullish sentiment. Key support levels to watch are $63,750 and $62,500, while critical resistance levels are identified at $64,750 and $65,000.
