Bitcoin reaches $63,000, driven by external events such as the assassination attempt on Donald Trump.
BTC surpassed key resistance levels, indicating potential bullish momentum in the short term.
Bitcoin’s (BTC) price has extended its upward momentum, hitting the $63,000 mark on Monday. This rise comes against a backdrop of heightened market activity and dramatic news, including a failed assassination attempt on former President Donald Trump, which added to the market’s surge.
Over the past day, Bitcoin’s price has surged by 5.85%, moving from a low of $59,546 to a high of $63,025, as per CoinMarketCap data. This climb marks Bitcoin’s highest point in two weeks, contributing to a 4.16% increase in the global crypto market cap, now at $2.30 trillion. Over the past week, Bitcoin has displayed a 13.82% increase.
Will Bitcoin (BTC) Hit $65K?
The price rally was initiated as Bitcoin broke significant resistance levels at $60,500 and $62,000. That pushed BTC past $62,500 to enter a positive trend zone. This momentum carried the price above $63,000 before consolidating its gains. Currently, Bitcoin is trading at $62,982 with a daily trading volume of $25.33 billion, an increase of over 22% in the past 24 hours.
Technically, Bitcoin is performing well above the 23.6% Fib retracement level from the recent low of $56,514 to the high of $63,025. It remains above the 100-hourly simple moving average (SMA), indicating a strong bullish trend. Additionally, a key bullish trend line with resistance around $63,500 is forming on the BTC/USD hourly chart.
As per BTC price prediction, if the crypto continues its rally, the immediate resistance level will be at $63,250, with significant resistance near $63,850. A decisive move above $63,850 could trigger further gains, potentially testing the $65,000 resistance level. Further, the relative strength index (RSI) is overbought at 79.24, suggesting strong buying pressure.
On the downside, a correction could ensue if Bitcoin fails to surpass the $63,000 resistance. Initial support is $62,500, followed by more substantial support at $62,200 and the trend line zone. Further declines could see Bitcoin testing support around $61,550 and $60,500.
