Bitcoin has seen a significant rally, gaining momentum as it crosses the $62,500 resistance level. The cryptocurrency has not only surpassed the $63,200 level but is also establishing a solid footing above $63,500, indicating strong bullish activity in the market.
This upward move was marked by the price breaking through the bearish trend line, previously positioned at $63,220 on the hourly chart for the BTC/USD pair. Following this break, Bitcoin bulls successfully pushed the price beyond $63,500, with a peak reaching around $63,965. Currently, the price is consolidating its gains, having dipped slightly below the $63,750 mark to test the 23.6% Fibonacci retracement level of the recent climb.
Bitcoin is presently trading above $63,500 and remains above the 100-hourly simple moving average. However, the cryptocurrency may encounter resistance near $63,950. A key hurdle is identified at $64,200; a decisive breakout beyond this level could propel Bitcoin toward the next significant target of $65,000. If it comfortably breaches the $65,000 level, the market could see further upward momentum, potentially testing the $65,500 resistance.
On the flip side, if Bitcoin struggles to ascend past the $63,950 resistance, it may initiate a downward correction. Immediate support is seen at the $63,500 level, with further critical support at $63,200 and a 50% retracement around $62,440. Should losses extend, the next support lies at $62,500, with a potential decline towards the $61,500 level.
Currently, technical indicators show a strengthening bullish sentiment, with the hourly MACD trending positively and the Relative Strength Index holding above the neutral 50 level. Support continues to be monitored at $63,500 and $63,200, while resistance levels remain at $63,950 and $64,000.
