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Home»Analysis»Can it break above $65,000?
Analysis

Can it break above $65,000?

2024-07-16No Comments3 Mins Read
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Bitcoin price rose more than 10% and broke the USD 64,000 resistance level. BTC is showing positive signs and could try to move above the USD 65,000 level.

  • Bitcoin gained bullish momentum above the USD 63,500 resistance zone.
  • The price is trading above USD 63,500 and the 100 hourly Simple Moving Average.
  • A major bullish trendline is forming with support at $62,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it breaks the $65,000 resistance.

Bitcoin Price Rises 10%

Bitcoin price started a major rise above the USD 61,500 and USD 62,000 resistance levels. BTC even managed to overcome the resistance at $63,500 to move further into a positive zone. The bulls pushed the price towards the $65,000 zone.

It reached a high at $64,900 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $62,320 swing low to the $64,900 high. A major bullish trendline is also forming with support at $62,200 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $64,000 and the 100 hourly Simple Moving Average. If there is an upside continuation, the price may encounter resistance near the $64,800 level. The first major resistance is around the $65,000 level.

Bitcoin price
Source: BTCUSD on TradingView.com

A clear move above the USD 65,000 resistance could trigger a decent upside in the coming sessions. The next major resistance could be $66,200. The next big hurdle is at $66,500. A close above the USD 66,500 resistance could trigger a steady rise and send the price higher. In the mentioned case, the price could rise and test the USD 67,000 resistance.

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Are dips limited in BTC?

If Bitcoin fails to climb above the $65,000 resistance zone, a downward correction could occur. The immediate downside support is near the USD 64,250 level.

The first major support is $63,650 and the 50% Fib retracement level of the upward move from the $62,320 swing low to the $64,900 high. The next support is now near $62,500. Any further losses could send the price towards the $61,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining speed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major support levels – USD 64,250, followed by USD 63,650.

Major resistance levels – $65,000 and $66,200.

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