Bitcoin started July with a notable 5% increase, pushing its price above the $63,800 mark and generating a positive market trend. The cryptocurrency initially established a solid foundation above $60,000, which facilitated a consistent upward movement. This surge was further bolstered by breaking past the $61,500 resistance zone, which also breached a major downtrend line on the BTC/USD hourly chart.
## Key Levels for Bitcoin
Currently, Bitcoin is trading above $63,200, significantly higher than its 100-hour Simple Moving Average (SMA) of $62,450. The next major resistance level for BTC is at $63,900. For the latest updates on financial and business news, visit COINTURK FINANCE.
If Bitcoin surpasses this resistance, it may face additional resistance at key levels: first at $64,000, followed by $64,400. A decisive break above $64,400 could propel the price towards $65,500. Continued gains might even bring BTC to test the $66,000 resistance in the near term.
## Potential Downward Movements in BTC
Should Bitcoin fail to break through the $63,900 resistance zone, it may undergo a downward correction. The initial support level on the downside is around $62,800, with the next support near $61,800. This latter level aligns with the 50% Fibonacci retracement level of the recent upward move. Additional support can be found at $61,250, coinciding with the 100-hour SMA. If these support levels fail to hold, the price could drop towards the $60,500 support zone.
Technical indicators currently suggest a favorable outlook for Bitcoin. The hourly MACD is gaining momentum in the bullish zone, indicating potential for further upward movement. Furthermore, the hourly RSI (Relative Strength Index) for the BTC/USD pair is above the 50 level, highlighting the strength of the current trend.
Key resistance zones to monitor include $63,650, $64,000, and $64,400. On the downside, critical support levels are at $62,800, $61,800, and $61,250, which should be considered in case of a downward correction.
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**Disclaimer:** The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and risky, and should conduct their own research.
