Bitcoin’s price has seen a notable resurgence, climbing past the $62,000 mark and gathering momentum for potential further gains above the $63,500 threshold. Currently, BTC is trading above $63,250, buoyed by the 100 hourly simple moving average. The BTC/USD pair, as tracked by Kraken, illustrates a bullish trend line with support established at $62,900 on the hourly chart.
Following a stabilization above the $60,000 support zone, Bitcoin embarked on a renewed ascent, breaking through significant resistance levels at $61,200 and $62,000. This bullish movement propelled the price past the crucial $63,000 barrier, reaching as high as $63,949. Presently, Bitcoin is consolidating these gains, with indications of a fresh rally looming as it hovers above $63,500. Notably, BTC remains above the 23.6% Fibonacci retracement level, calculated from the $62,324 low to the $63,949 high.
Bitcoin’s current trading position is robust, standing above $63,250 and supported by the 100 hourly simple moving average. Additionally, a bullish trend line is forming, indicating support at $62,900. On the upside, the price might encounter resistance around the $64,000 mark, with the primary resistance level anticipated near $64,200. Should Bitcoin manage to surpass this, it could pave the way for higher valuations, with the next key resistance expected at $65,000.
Should Bitcoin close above the $65,000 resistance, it could trigger further gains, potentially testing the $65,500 threshold. Continued bullish momentum might even see the price advance toward the $66,500 resistance zone.
However, if Bitcoin struggles to overcome the $64,000 resistance, a decline could ensue. Immediate support on the downside is positioned near the $63,500 level. The first significant support lies around $63,000, which aligns with the 50% Fibonacci retracement of the rise from $62,324 to $63,949, coupled with trend line support. Should further losses occur, Bitcoin’s price might descend toward the $62,500 zone, with substantial support expected at $61,800 in the near term.