Bitcoin Price Signals Uptrend Continuation But Patience Is The Key

Bitcoin price extended its increase above the $64,000 resistance. BTC is now holding gains above $62,800 and might aim for more upsides.

Bitcoin traded to a new weekly high at $65,500 before there was a downside correction.The price is trading above $63,500 and the 100 hourly Simple moving average.There is a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC pair .The pair could aim for more upsides if it clears the $64,500 and $65,500 resistance levels.

Bitcoin Price Aims Higher

Bitcoin price remained well-bid above the $62,500 support zone and extended its increase. BTC was able to clear the $64,500 resistance. It even cleared $65,000 and tested $65,500.

A high was formed at $65,550 and the price is now correcting gains. There was a minor decline below the $64,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $56,380 swing low to the $65,550 high.

However, the bulls are active near the $63,000 zone. There is also a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $63,000 and the 100 hourly Simple moving average. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next key resistance could be $65,500.

A clear move above the $65,500 resistance might send the price higher. The next resistance now sits at $67,200. If there is a clear move above the $67,200 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $68,800.

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 near the 50 level.

Major Support Levels – $63,350, followed by $62,800.

Major Resistance Levels – $64,500, $65,000, and $65,500.$BTC #analysisreport #ANALYSIS #BTC