In an exuberant display of market strength, Bitcoin’s price surged past the coveted $62,000 mark, indicating a robust bullish posture in the cryptocurrency arena. The digital currency is now experiencing a period of consolidation, biding its time as it gears up for a potential assault on the $64,000 resistance barrier.
Previously, Bitcoin was weathering resistance below the $60,000 apex. However, its trajectory forges ahead, with the price firmly positioned above $60,500 and comfortably supported by the 100 hourly Simple Moving Average. A suggestive bullish trend line has emerged, underpinning the prices with support at $60,950 on the hourly charts of the BTC/USD pair, according to data acquired from Kraken.
This continued momentum comes after Bitcoin demonstrated considerable resilience above the $58,000 resistance terrain. Establishing a solid foundation at this level, Bitcoin embarked on a vigorous ascent, notching an impressive gain exceeding 10%. It effortlessly shattered resistance thresholds near the $60,000 and $62,000 marks, boldly approaching the $64,000 vicinity. Here, Bitcoin charted a new multi-week zenith in proximity to $64,000, subsequently experiencing a precipitous pullback in value attributed to a Coinbase platform outage. The price plunged towards the support zone of $58,000, marking a low near $57,919, only to rally once more.
In its latest advance, Bitcoin overcame the $60,000 resistance, ascending past the 50% Fib retracement level that delineates the previous downturn ranging from the $64,000 pinnacle to the trough at $57,919.
At present, the immediate resistance being tested is near the $62,500 vicinity, approaching the 76.4% Fib retracement level of the previously mentioned descent. Should Bitcoin maintain its current trajectory, the imminent resistance frontier is anticipated to stand at $64,000. A breach of this threshold could pilot Bitcoin towards an even more formidable region, the $65,000 resistance zone. Presuming the bulls maintain their command, prospects point to a journey past $65,000, potentially challenging the $66,400 ceiling. Nonetheless, the ultimate barrier envisaged by market watchers looms at the $68,000 zone.
In the event of Bitcoin struggling to eclipse the $62,500 resistance, the stage may be set for a corrective downtick. The immediate support on this possible decline hovers around the $60,800 level, closely tailing the trend line.
Should a backtracking beneath $60,000 transpire, a substantial fallback might propel Bitcoin toward the $58,000 domain. A continuation of retracement could witness Bitcoin’s value retreating toward the supportive bastion of $56,500.
The hourly MACD indicator signals an uptick in bullish momentum, while the Relative Strength Index (RSI) for BTC/USD currently resides north of the median 50 threshold.
Key support echelons hold at $60,800, with subsequent reinforcement at $60,000. Conversely, major lines of resistance challenge at $62,500, followed closely by $64,000 and $65,000 levels.
