Bitcoin Price Spikes 5%, Can BTC Bulls Take Back Control?
01 Luglio 2024 - 5:15AM
NEWSBTC
Bitcoin price is up nearly 5% and there was a move above $62,500.
BTC is now testing the $63,500 resistance zone with a positive
angle. Bitcoin started a decent increase above the $62,200 and
$62,400 levels. The price is trading above $62,500 and the 100
hourly Simple moving average. There was a break above a major
bearish trend line with resistance at $61,000 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair might
struggle to continue higher above the $63,650 resistance zone.
Bitcoin Price Starts Recovery Bitcoin price formed a base above the
$60,000 zone. BTC remained stable and was able to start a decent
increase above the $61,500 resistance zone. There was a break above
a major bearish trend line with resistance at $61,000 on the hourly
chart of the BTC/USD pair. The bulls were able to pump the price
above the $62,500 resistance. It is up nearly 5% and trading near
the $63,650 resistance zone. Bitcoin price is trading above $62,500
and the 100 hourly Simple moving average. It is stable and well
above the 23.6% Fib retracement level of the upward move from the
$59,949 swing low to the $63,675 high. If there is another
increase, the price could face resistance near the $63,650 level.
The first key resistance is near the $64,000 level. The next key
resistance could be $64,400. A clear move above the $64,400
resistance might start a steady increase and send the price higher.
In the stated case, the price could rise and test the $65,500
resistance. Any more gains might send BTC toward the $66,000
resistance in the near term. Are Dips Limited In BTC? If Bitcoin
fails to climb above the $63,650 resistance zone, it could start a
downside correction. Immediate support on the downside is near the
$62,800 level. The first major support is $61,800 and the 50% Fib
retracement level of the upward move from the $59,949 swing low to
the $63,675 high. The next support is now forming near $61,250 and
the 100 hourly Simple moving average. Any more losses might send
the price toward the $60,500 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 –
$62,800, followed by $61,800. Major Resistance Levels – $63,650,
and $64,400.
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