Bitcoin has begun a new upward movement, breaking past the $62,000 level and now showing potential for further gains above the $63,500 threshold. Currently trading above $63,250, Bitcoin is supported by the 100-hour Simple Moving Average, indicating a bullish trend.
The cryptocurrency initially established a solid support base over the $60,000 level, propelling the price through significant resistance points at $61,200 and $62,000. The upward momentum saw Bitcoin reach as high as $63,949 before entering a phase of consolidation. An analysis of the market movements suggests the possibility of a fresh rally, as Bitcoin remains above the 23.6% Fibonacci retracement level calculated from the rise between $62,324 and the recent high.
In terms of immediate resistance, Bitcoin may encounter challenges around the $64,000 level, with a significant hurdle set at $64,200. A decisive move past this resistance could trigger further price ascension, potentially leading to levels around $65,000. Should the price surpass this threshold, it may pave the way for gains towards $65,500, with the next notable resistance situated at $66,500.
Conversely, if Bitcoin struggles to breach the $64,000 resistance, a downward trend could emerge. Key support is anticipated around $63,500, with additional support levels at $63,000 — coinciding with the 50% Fibonacci retracement and the established trend line — and further down at $62,500. In the event of significant declines, the price may approach the $61,800 support level.
Technical indicators reveal a strengthening stance, with the MACD showing increasing bullish momentum and the Relative Strength Index positioned above neutral territory, suggesting ongoing buyer interest in Bitcoin .
