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Cryptocurrency News Articles
Bitcoin Surge Continues, Eyes Further Upside Targets
May 07, 2024 at 11:19 am
Bitcoin (BTC) has extended its growth above the $64,000 resistance, reaching a new weekly high at $65,500 before consolidating above $63,500. A key bullish trend line supports the price at $63,350, and a clear break above $65,500 could pave the way for further increases towards $68,800. However, failure to surpass the $65,500 resistance may lead to a decline towards $62,800 and potentially $60,000.
Bitcoin Price Surge Continues, Aiming for Further Upsides
October 21, 2021 (NewsBTC) - Bitcoin (BTC) has maintained its positive momentum, extending its surge above the $64,000 resistance mark. The cryptocurrency is currently consolidating above $62,800, with potential for further gains on the horizon.
Bitcoin's Recent Price Action
BTC commenced the week with a strong rally, reaching a new weekly high of $65,500. However, this advance was followed by a brief corrective phase, with the price dropping below $64,000.
Despite this temporary setback, BTC has managed to sustain its upward trajectory, trading above the crucial $63,500 level and the 100 hourly Simple Moving Average (SMA). A bullish trend line has also emerged on the hourly chart of the BTC/USD pair, with support at $63,350.
Bullish Momentum Remains Strong
The bulls have maintained their activity near the $63,000 zone, indicating continued support for Bitcoin's upward movement. This bullish sentiment is further bolstered by the formation of the bullish trend line on the hourly chart.
BTC is currently trading above both the $63,000 level and the 100 hourly SMA, suggesting that the immediate resistance near $64,500 could be breached. A breakout above this level could open the door for a move towards $65,000 and beyond.
Potential Bullish Targets
A decisive move above the $65,500 resistance could trigger a wave of buying pressure, potentially propelling BTC higher. The next resistance level is located at $67,200, followed by $68,800.
Potential Bearish Scenario
If Bitcoin fails to break through the $65,500 resistance, it could face a potential decline. However, immediate support is present at $63,350, coinciding with the bullish trend line.
In case of a sustained break below $62,800, BTC could initiate a deeper pullback, potentially targeting the 50% Fibonacci retracement level of the upswing from $56,380 to $65,550, which is currently around $60,800. Further declines could push the price towards the $60,000 support zone.
Technical Indicators
- Hourly MACD: The Moving Average Convergence Divergence (MACD) is gaining momentum in the bullish zone, indicating increasing buying pressure.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is hovering near the 50 level, suggesting a balance between bulls and bears.
Disclaimer
This article is for informational purposes only and should not be construed as financial advice. Investing in cryptocurrencies involves significant risk, and readers are advised to conduct their own thorough research before making any investment decisions.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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