Bitcoin continues its upward trajectory, with the bulls setting their sights on the $65,000 milestone. The cryptocurrency gained momentum as it broke through resistance levels at $61,500, $62,200, and $63,300. Currently, Bitcoin is consolidating its gains above $62,500 and the 100-hourly Simple Moving Average.
A significant bullish trend line is forming with support at $61,500 on the BTC/USD hourly chart, indicating potential for further gains. If Bitcoin manages to stay above the $61,500 support zone, it could extend its upward momentum.
The recent surge pushed the price above $63,000, with a high of $63,840, before entering a consolidation phase. Although there was a minor dip and a test of the 23.6% Fib retracement level, Bitcoin remains above the 100-hourly SMA.
On the upside, the cryptocurrency may face resistance near the $63,500 and $63,800 levels. A clear breakthrough above the $64,500 resistance could lead to more upsides, potentially testing the $65,000 resistance level.
However, if Bitcoin fails to surpass the $63,500 resistance zone, a downside correction could occur. The immediate support lies at $62,700, followed by the major support at $61,500 and the bullish trend line. Further losses may drive the price towards the $61,000 zone or the 61.8% Fib retracement level. The $60,500 support level may also serve as a potential downside target.
At the moment, the MACD indicator suggests a loss of pace in the bullish zone, while the RSI for BTC/USD remains above the 50 level.
Overall, with Bitcoin’s recent upward movement and the bulls eyeing $65,000, the cryptocurrency market continues to show optimism.