Bitcoin Price Signals Uptrend Continuation But Patience Is The Key

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Bitcoin price extended its increase above the $64,000 resistance. BTC is now holding gains above $62,800 and might aim for more upsides.

  • Bitcoin traded to a new weekly high at $65,500 before there was a downside correction.
  • The price is trading above $63,500 and the 100 hourly Simple moving average.
  • There is a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could aim for more upsides if it clears the $64,500 and $65,500 resistance levels.

Bitcoin Price Aims Higher

Bitcoin price remained well-bid above the $62,500 support zone and extended its increase. BTC was able to clear the $64,500 resistance. It even cleared $65,000 and tested $65,500.

A high was formed at $65,550 and the price is now correcting gains. There was a minor decline below the $64,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high.

However, the bulls are active near the $63,000 zone. There is also a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $63,000 and the 100 hourly Simple moving average. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next key resistance could be $65,500.

Bitcoin Price

Source: BTCUSD on TradingView.com

A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $67,200. If there is a clear move above the $67,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,800.

Another Drop In BTC?

If Bitcoin fails to rise above the $65,500 resistance zone, it could start another decline. Immediate support on the downside is near the $63,350 level and the trend line.

The first major support is $62,800. If there is a close below $62,800, the price could start to drop toward the 50% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high at $60,800. Any more losses might send the price toward the $60,000 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 near the 50 level.

Major Support Levels – $63,350, followed by $62,800.

Major Resistance Levels – $64,500, $65,000, and $65,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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