After consolidating for a long period of time around the $60,000 levels, the Bitcoin price has finally made a leap upwards, surpassing the $62,700 levels to reach its new all-time high.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $68,000, $70,000, $72,000
Support Levels: $56,000, $54,000, $52,000
Due to the positive price developments today, BTC/USD trades above $63,000, which is one of the biggest hurdles on the way to a new all-time high. As of this writing, BTC/USD is up nearly 6.02% to trade at the $63,471 resistance level. However, traders can now expect Bitcoin bulls to be able to maintain current momentum and keep the market price above the $63,000 and $65,000 levels for the foreseeable future as the technical indicator confirms.
Will BTC Touch the Resistance Level of $65,000 or Reverse?
Bitcoin (BTC) is now in the positive zone on the daily chart, but this time around, the king coin is seen moving above the$ 63,000 level in a less overheated derivatives market. Meanwhile, a few days ago, the first digital asset technically broke the bull flag when it broke the huge $61,000 hurdle for the first time this month.
However, BTC/USD appears to be stronger than the last time it broke $60,000 and the price is likely to stabilize above that level due to market calm and the currently less congested BTC futures market. Meanwhile, if the RSI (14) rises to the 70-level, BTC/USD could soon reach potential resistance levels at $68,000, $70,000, and $72,000, while lowering below the moving averages could pull the price to the critical supports at $56,000, $54,000, and $52,000 respectively.
BTC/USD Medium-term Trend: Bullish (4H Chart)
Looking at the 4-hour chart, BTC/USD is seen retreating after touching the daily high above $63,700. Today’s price move happens to be the most impressive one as it keeps climbing towards the upper boundary of the channel with a sharp surge. However, BTC/USD is now maintaining its bull-run above $62,000 as the RSI (14) moves within the overbought region.
However, the Bitcoin price may likely take a slight downward movement as the technical indicator RSI (14) nosedives below the 75-level. Therefore, the king coin could breach the nearest support at $61,000 to reach the support level of$60,000 and below. More so, if bulls find a decent support around $62,500, they may continue the upward movement by crossing above the channel which may likely cause the coin to hit the additional resistance at $66,000 and above.