HomeBitcoin NewsBitcoin Price Analysis: BTC Eyes More Upsides Above $65K

Bitcoin Price Analysis: BTC Eyes More Upsides Above $65K

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  • Bitcoin price started a fresh increase above the $62,000 zone against the US Dollar.
  • The price is now trading above $62,000 and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $62,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could continue to move higher if there is a break above $64,500.

Bitcoin price is back above the $62,000 pivot level against the US Dollar. BTC could accelerate higher if there is a clear break above $64,500 and $65,000.

Bitcoin Price Analysis

Bitcoin price remained in a positive zone above the $60,000 level. As a result, BTC started a fresh increase above the $62,000 and $62,500 resistance levels.

The price gained pace for a move above the $63,500 level and the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $62,000 on the 4-hours chart of the BTC/USD pair.

The pair traded as high as $64,300 before it started a minor decline. There was a break below the $64,000 level and the $63,500 support zone. Bitcoin tested the 23.6% Fib retracement level of the upward move from the $57,653 swing low to $64,300 high.

It is now trading above $62,000 and the 55 simple moving average (4-hours). On the upside, an initial resistance is near the $63,500 level. The main resistance is forming near the $64,300 zone. A close above the $64,300 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $65,500 level.

On the downside, an initial support is near the $62,750 level. The next key support is forming near the $62,000 level, below which the price could decline towards the $61,000 level and the 55 SMA.

Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $57,653 swing low to $64,300 high.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $62,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move higher if there is a break above $64,500.

Technical indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $62,000 and $61,000.

Key Resistance Levels – $63,500, $64,300 and $65,500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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