Bitcoin Price Signals Uptrend Continuation But Patience Is The Key

2024-5-7 06:19

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.

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.

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Bitcoin (BTC) на Currencies.ru

$ 97215.87 (+0.35%)
Объем 24H $28.896b
Изменеия 24h: 1.56 %, 7d: 1.06 %
Cегодня L: $96101.31 - H: $97231.26
Капитализация $1927.474b Rank 1
Цена в час новости $ 64271.11 (51.26%)

bitcoin price above traded weekly new upsides

bitcoin price → Результатов: 126


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