More

    Why Bitcoin Price Could Accelerate To $65K, Dips Likely To Be Limited

    Bitcoin price is gaining momentum and it broke the $60,000 resistance against the US Dollar. BTC is showing positive signs and it could continue to rise towards $65,000.
    Bitcoin rallied above the $60,000 level and traded to a new all-time high near $61,800.
    The price is now trading nicely above $60,000 and the 100 simple moving average (4-hours).
    There is a key bullish trend line forming with support near $58,500 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
    The pair could correct lower, but dips are likely to be limited below $58,000 in the near term.
    Bitcoin Price is Surging
    This past week, bitcoin price started a steady increase above the $55,000 resistance against the US Dollar. The BTC/USD pair even broke the $58,000 level and settled above the 100 simple moving average (4-hours).
    The upward move gained pace above the 76.4% Fib retracement level of the key downward move from the $58,281 swing high to $40,073 low. There was a strong increase above the $58,500 and $60,000 resistance levels.
    It even spiked above the $61,000 level and traded to a new all-time high near $61,800. It seems like bitcoin price faced a strong selling interest near the $61,800. The 1.236 Fib extension level of the key downward move from the $58,281 swing high to $40,073 low.

    Source: BTCUSD on TradingView.com
    The price is currently correcting lower below the $61,000 level. On the downside, an initial support is near the $60,000 level. There is also a key bullish trend line forming with support near $58,500 on the 4-hours chart of the BTC/USD pair. Any more losses could open the doors for a move towards the $58,000 and $57,200 support levels.
    Limited Downsides in BTC?
    On the upside, the $61,500 and $61,800 resistance levels are initial hurdles for the bulls. A clear break above $61,800 could open the doors for a move towards the $62,500 level.
    The next major resistance is near the $65,000 level. Any more gain could push the price towards the $68,000 and $68,500 resistance levels in the near term.
    Technical indicators
    4 hours MACD – The MACD for BTC/USD is gaining bullish momentum in the bullish zone.
    4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
    Major Support Level – $60,000
    Major Resistance Level – $58,500

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 64,136.00
    ethereum
    Ethereum (ETH) $ 2,373.66
    binance-coin
    Binance Coin (BNB) $ 565.31
    xrp
    XRP (XRP) $ 1.78
    cardano
    Cardano (ADA) $ 1.44
    tether
    Tether (USDT) $ 0.999832
    polkadot
    Polkadot (DOT) $ 42.14
    uniswap
    Uniswap (UNI) $ 34.85
    litecoin
    Litecoin (LTC) $ 267.25
    dogecoin
    Dogecoin (DOGE) $ 0.135549
    chainlink
    Chainlink (LINK) $ 36.92
    bitcoin-cash
    Bitcoin Cash (BCH) $ 797.73
    stellar
    Stellar (XLM) $ 0.620733
    theta-token
    Theta Network (THETA) $ 12.10
    filecoin
    Filecoin (FIL) $ 172.38
    usd-coin
    USD Coin (USDC) $ 0.997497
    vechain
    VeChain (VET) $ 0.163326
    tron
    TRON (TRX) $ 0.139410
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 63,938.00
    eos
    EOS (EOS) $ 7.56
    klay-token
    Klaytn (KLAY) $ 2.69
    solana
    Solana (SOL) $ 25.97
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.246833
    terra-luna
    Terra (LUNA) $ 16.06
    compound-ether
    cETH (CETH) $ 47.46
    cosmos
    Cosmos (ATOM) $ 24.24
    monero
    Monero (XMR) $ 323.36
    iota
    IOTA (MIOTA) $ 2.07
    okb
    OKB (OKB) $ 21.12
    bitcoin-sv
    Bitcoin SV (BSV) $ 295.12
    bittorrent-2
    BitTorrent (BTT) $ 0.008083
    binance-usd
    Binance USD (BUSD) $ 0.996718
    aave
    Aave (AAVE) $ 400.05
    tezos
    Tezos (XTZ) $ 6.47
    ftx-token
    FTX Token (FTT) $ 56.42
    neo
    NEO (NEO) $ 66.96
    avalanche-2
    Avalanche (AVAX) $ 34.81
    kusama
    Kusama (KSM) $ 462.29
    compound-usd-coin
    cUSDC (CUSDC) $ 0.021833
    elrond-erd-2
    Elrond (EGLD) $ 231.39
    algorand
    Algorand (ALGO) $ 1.46
    nem
    NEM (XEM) $ 0.416231
    huobi-token
    Huobi Token (HT) $ 20.67
    pancakeswap-token
    PancakeSwap (CAKE) $ 23.75
    thorchain
    THORChain (RUNE) $ 15.07
    cdai
    cDAI (CDAI) $ 0.021299
    holotoken
    Holo (HOT) $ 0.018238
    dai
    Dai (DAI) $ 1.00
    hedera-hashgraph
    Hedera Hashgraph (HBAR) $ 0.380166
    dash
    Dash (DASH) $ 297.94