Bitcoin Price Challenge: Can It Break Through and Resume Climbing?
02 July 2024 - 12:46PM
NEWSBTC
Bitcoin price recovered and tested the $63,650 resistance zone. BTC
is now consolidating gains and might make another attempt to
surpass $63,650. Bitcoin started a decent increase above the
$62,500 and $63,000 levels. The price is trading above $62,250 and
the 100 hourly Simple moving average. There is a connecting bullish
trend line forming with support at $62,800 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair might gain
bullish momentum if it clears the $63,650 resistance zone. Bitcoin
Price Holds Ground Bitcoin price started a decent upward move above
the $61,200 zone. BTC was able to clear the $62,000 and $63,000
resistance levels to move into a short-term positive zone. However,
the bears took a stand near the $63,650 zone. A high was formed at
$63,798 and the price recently corrected some gains. There was a
move below the $63,200 level. The price tested the 23.6% Fib
retracement level of the upward move from the $59,950 swing low to
the $63,798 high. Bitcoin price is now trading above $62,250 and
the 100 hourly Simple moving average. There is also a connecting
bullish trend line forming with support at $62,800 on the hourly
chart of the BTC/USD pair. If there is another increase, the price
could face resistance near the $63,250 level. The first key
resistance is near the $63,650 level. The next key resistance could
be $64,000. A clear move above the $64,000 resistance might start a
steady increase and send the price higher. In the stated case, the
price could rise and test the $65,000 resistance. Any more gains
might send BTC toward the $66,500 resistance in the near term. Are
Dips Supported In BTC? If Bitcoin fails to climb above the $63,650
resistance zone, it could slowly move down. Immediate support on
the downside is near the $62,800 level and the trend line. The
first major support is $62,200. The next support is now forming
near $61,800 and the 100 hourly Simple moving average. It is close
to the 50% Fib retracement level of the upward move from the
$59,950 swing low to the $63,798 high. 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 losing 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 $64,000.
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