Bitcoin has seen a significant increase of 5% at the start of July, pushing its price above the $63,800 mark and setting a positive market trajectory. Establishing a strong foundation above $60,000, BTC’s upward momentum has been supported by clearing the resistance zone at $61,500, effectively breaking a major downtrend line on the BTC/USD hourly chart.
Key Bitcoin levels to watch:
The current trading price of Bitcoin is above $63,200, comfortably positioned above the 100-hour simple moving average (SMA) level of $62,450. The next key resistance level for BTC is at $63,900. Overcoming this level could pave the way for further resistance at $64,000 and $64,400. A decisive breakthrough above $64,400 could potentially push the price towards the $65,500 range, with a possibility of testing $66,000 in the short term. Visit COINTURK FINANCE for the latest financial and business news.
Will BTC face a downward move?
If Bitcoin fails to break the resistance at $63,900, it could experience a downward adjustment. The initial support level for a decline is around $62,800, followed by $61,800, which aligns with the recent 50% Fibonacci retracement of the uptrend. Additional support is near $61,250, matching the 100-hour SMA. Breaking these levels could push the price towards the support area at $60,500.
Key takeaways from technical indicators:
Technical indicators currently favor Bitcoin:
– The hourly MACD is gaining bullish momentum, indicating potential for further upward movement. The hourly RSI for BTC/USD is above 50, strengthening the current trend.
Monitoring the key resistance zones at $63,650, $64,000, and $64,400 is crucial. Conversely, in the case of a downward correction, key support levels to watch include $62,800, $61,800, and $61,250.
Overall, Bitcoin’s performance in early July indicates a strong upward trend, with technical indicators suggesting further potential for growth. However, vigilance is required at key resistance and support levels to effectively respond to possible market adjustments.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware of the high volatility of cryptocurrencies and should conduct their own research.