Bitcoin’s price continues to surge above the $63,000 resistance level, sparking excitement in the cryptocurrency market and bolstering bullish sentiment among investors. In this article, we will explore the key levels to watch for Bitcoin.
Bitcoin faced rejection at the $65,000 mark yesterday, experiencing a downward correction before reaching this peak. However, the price is currently trading above $63,000. On the hourly chart of BTC/USD, there is a significant upward trend line below the support level of $63,350, indicating the strength of Bitcoin’s bullish trend and the potential for further upward movement.
Maintaining a price above the $62,500 support area and continuing its rise demonstrates the robustness of the market bulls. Bitcoin successfully surpassed the $64,500 resistance and even tested $65,500 after surpassing $65,000.
Nevertheless, the peak was reached at around $65,550, and the price is currently undergoing a corrective phase. There was a slight decline below the $64,000 level, but bulls are still active near the $63,000 area.
Currently, Bitcoin is trading above $63,000, with the immediate resistance level at around $64,500. The first major resistance level could be $65,000, followed by a key resistance at $65,500. If the price manages to surpass the $65,500 resistance level, it could potentially lead to further upward movement. The next resistance level stands at around $67,200. A clear breakout above this level enhances the likelihood of continued price appreciation, with Bitcoin potentially climbing towards $68,800.
However, if the BTC/USD pair fails to break above the $65,500 resistance area, it could enter a downtrend. Currently, there is immediate support at $63,350, in close proximity to the trend line.
Furthermore, a fundamental support level in the market is located at $62,800. Should prices close below this level, a short-term downtrend might ensue, potentially pushing the price towards the $60,000 support area in the near future.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own thorough research.
