Bitcoin Price Targets Higher Levels: Can the Momentum Hold? 📈
Bitcoin price is again rising above the $63,800 resistance. BTC could gain pace if it clears the $64,750 resistance zone and then $65,000.
The price is trading above $63,650 and the 100 hourly Simple moving average. There was a break above a short-term contracting triangle with resistance at $63,750 on the hourly chart of the BTC/USD pair.
The pair could extend gains if it breaks the $64,750 resistance zone, possibly surpassing $65,000.
Bitcoin price started another increase from the $62,500 zone. BTC was able to clear the $63,500 and $63,800 resistance levels.
The bulls even pushed the price toward the $64,750 level, forming a high at $64,770 before correcting gains. The price dipped below the $64,600 and $64,400 support levels.
Bitcoin is now trading above $63,800 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near $64,750 and then $65,000.
A clear move above the $65,000 resistance might send the price higher toward $66,800.
If Bitcoin fails to rise above the $64,750 resistance zone, it could continue to move down, with immediate support near $63,750.
The first major support is near $63,250, followed by $62,500. Any more losses might send the price toward $61,200 in the near term.
Technical indicators: Hourly MACD is gaining pace in the bullish zone, and the RSI for BTC/USD is above the 50 level. Major support levels are at $63,750 and $62,500, while resistance levels are at $65,000 and $66,750.
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