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.
You can follow our news on Telegram, Twitter (X), and Coinmarketcap.
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.
