Bitcoin Price Picks Up Pace: Can It Break Above $65K?
July 15 2024 - 9:37PM
NEWSBTC
Bitcoin price gained over 10% and broke the $64,000 resistance
level. BTC is showing positive signs and might attempt to move
above the $65,000 level. Bitcoin gained bullish momentum above the
$63,500 resistance zone. The price is trading above $63,500 and the
100 hourly Simple moving average. There is a major bullish trend
line forming with support at $62,200 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair might continue to
move up if it breaks the $65,000 resistance. Bitcoin Price Jumps
10% Bitcoin price started a major increase above the $61,500 and
$62,000 resistance levels. BTC even cleared the $63,500 resistance
to move further into a positive zone. The bulls pushed the price
toward the $65,000 zone. A high was formed at $64,900 and the price
is now consolidating gains. It is trading well above the 23.6% Fib
retracement level of the upward move from the $62,320 swing low to
the $64,900 high. There is also a major bullish trend line forming
with support at $62,200 on the hourly chart of the BTC/USD pair.
Bitcoin price is now trading above $64,000 and the 100 hourly
Simple moving average. If there is an upside continuation, the
price could face resistance near the $64,800 level. The first key
resistance is near the $65,000 level. A clear move above the
$65,000 resistance might start a decent increase in the coming
sessions. The next key resistance could be $66,200. The next major
hurdle sits at $66,500. A close above the $66,500 resistance might
start a steady increase and send the price higher. In the stated
case, the price could rise and test the $67,000 resistance. Are
Dips Limited In BTC? If Bitcoin fails to climb above the $65,000
resistance zone, it could start a downside correction. Immediate
support on the downside is near the $64,250 level. The first major
support is $63,650 and the 50% Fib retracement level of the upward
move from the $62,320 swing low to the $64,900 high. The next
support is now near $62,500. Any more losses might send the price
toward the $61,500 support zone in the near term. Technical
indicators: Hourly MACD – The MACD is now gaining pace in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now above the 50 level. Major Support Levels – $64,250,
followed by $63,650. Major Resistance Levels – $65,000, and
$66,200.
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