💥💥💥 #bitcoinprice Challenge: Can It Break Through and Resume Climbing?

Bitcoin price recovered and tested the $63,650 resistance zone. Currently, BTC is consolidating its gains and may attempt another breakout above $63,650.

- Bitcoin initiated a notable rise above the $62,500 and $63,000 levels.

- The price is trading above $62,250 and the 100-hourly Simple Moving Average.

- A bullish trend line is forming with support at $62,800 on the hourly chart of the BTC/USD pair (data source from Kraken).

- The pair might gain bullish momentum if it surpasses the $63,650 resistance zone.

Bitcoin Price Holds Ground

- Bitcoin began an upward move from the $61,200 zone, successfully clearing the $62,000 and $63,000 resistance levels. However, the price faced resistance near the $63,650 zone, reaching a high of $63,798 before correcting some gains.

It dropped below $63,200 and tested the 23.6% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high.

- Bitcoin is trading above $62,250 and the 100-hourly SMA, with support at $62,800. Resistance levels are at $63,250, $63,650, and $64,000. A breakout above $64,000 could drive the price toward $65,000 and potentially $66,500.

Are Dips Supported in BTC?

- If Bitcoin fails to break through the $63,650 resistance, it might gradually decline. Immediate support is near $62,800 and the trend line. The first major support level is $62,200, followed by $61,800 and the 100-hourly Simple Moving Average. This level is close to the 50% Fib retracement level of the move from $59,950 to $63,798. Additional losses could see the price drop to the $60,500 support zone in the near term.

Technical Indicators:

- Hourly MACD: Losing momentum in the bullish zone.

- Hourly RSI: Above the 50 level.

- Major Support Levels: $62,800 and $61,800.

- Major Resistance Levels: $63,650 and $64,000.

Source - newsbtc.com

#CryptoMarkets #BinanceSquareTalks #BinanceSquareBTC #CryptoTrends2024