Bitcoin Price Picks Up Pace: Can It Break Above $65K?

Bitcoin Price Picks Up Pace: Can It Break Above $65K?

Bitcoin price gained over 10% and broke the $64,000 resistance level. BTC is showing positive signs and might attempt to move above the $65,000 level.

• Bitcoin gained bullish momentum above the $63,500 resistance zone.
• The price is trading above $63,500 and the 100 hourly Simple moving average.
• There is a major bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might continue to move up if it breaks the $65,000 resistance.

Bitcoin Price Jumps 10%

Bitcoin price started a major increase above the $61,500 and $62,000 resistance levels. BTC even cleared the $63,500 resistance to move further into a positive zone. The bulls pushed the price toward the $65,000 zone.

A high was formed at $64,900 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $62,320 swing low to the $64,900 high. There is also a major bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $64,000 and the 100 hourly Simple moving average. If there is an upside continuation, the price could face resistance near the $64,800 level. The first key resistance is near the $65,000 level.

A clear move above the $65,000 resistance might start a decent increase in the coming sessions. The next key resistance could be $66,200. The next major hurdle sits at $66,500. A close above the $66,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $67,000 resistance.

Are Dips Limited In BTC?

If Bitcoin fails to climb above the $65,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $64,250 level.

The first major support is $63,650 and the 50% Fib retracement level of the upward move from the $62,320 swing low to the $64,900 high. The next support is now near $62,500. Any more losses might send the price toward the $61,500 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 above the 50 level.

Major Support Levels – $64,250, followed by $63,650.

Major Resistance Levels – $65,000, and $66,200.