Why Bitcoin Needs To Clear $64K For Hopes of a Fresh Rally

Bitcoin price started a fresh increase from $60,000 against the US Dollar. BTC is back above $62,000, but it must clear $64,000 for hopes of a fresh rally.

Bitcoin recovered losses and was able to climb above the $62,500 resistance.
The price is now trading above $62,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $63,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a steady increase if there is a close above the $64,000 resistance zone.

Bitcoin Price Eyes Fresh Rally
Bitcoin price dipped below the $60,000 level, but downsides were limited. BTC traded as low as $59,610 before starting a fresh increase. The price was able to rise above the $61,000 and $61,200 resistance levels.
There was a recovery wave above the $62,000 and $62,500 levels. Bitcoin even spiked above the 50% Fib retracement level of the downward move from the $66,980 swing high to $59,610 low. The price is now trading above $62,000 and the 100 hourly simple moving average.
It is currently facing resistance near the $63,000 and $63,200 levels. There is also a major bearish trend line forming with resistance near $63,200 on the hourly chart of the BTC/USD pair.
The main breakout resistance is now forming near the $64,000 level. It is near the 61.8% Fib retracement level of the downward move from the $66,980 swing high to $59,610 low.

Source: BTCUSD on TradingView.com
A clear break above the trend line resistance and then $64,000 may possibly call open the doors for a move towards the $65,000 level. The next major resistance sits near the $66,500 level.
Fresh Decline In BTC?
If bitcoin fails to clear the $64,000 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $62,200 level.
The first major support is now forming near the $61,500 level and the 100 hourly SMA. A break below the $61,500 support may possibly push the price towards the $60,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $62,200, followed by $61,500.
Major Resistance Levels – $63,000, $63,200 and $64,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 17,258.37
ethereum
Ethereum (ETH) $ 1,290.00
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 291.27
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.391402
dogecoin
Dogecoin (DOGE) $ 0.098477
cardano
Cardano (ADA) $ 0.314934
matic-network
Polygon (MATIC) $ 0.928450
polkadot
Polkadot (DOT) $ 5.40
staked-ether
Lido Staked Ether (STETH) $ 1,276.52
litecoin
Litecoin (LTC) $ 78.06
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.42
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 13.90
tron
TRON (TRX) $ 0.055072
uniswap
Uniswap (UNI) $ 6.18
avalanche-2
Avalanche (AVAX) $ 13.56
leo-token
LEO Token (LEO) $ 3.77
chainlink
Chainlink (LINK) $ 7.03
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,240.61
cosmos
Cosmos Hub (ATOM) $ 9.83
ethereum-classic
Ethereum Classic (ETC) $ 19.44
the-open-network
Toncoin (TON) $ 1.82
monero
Monero (XMR) $ 146.82
stellar
Stellar (XLM) $ 0.085562
bitcoin-cash
Bitcoin Cash (BCH) $ 111.83
quant-network
Quant (QNT) $ 124.27
crypto-com-chain
Cronos (CRO) $ 0.064535
algorand
Algorand (ALGO) $ 0.226638
filecoin
Filecoin (FIL) $ 4.45
near
NEAR Protocol (NEAR) $ 1.73
apecoin
ApeCoin (APE) $ 3.99
vechain
VeChain (VET) $ 0.019243
internet-computer
Internet Computer (ICP) $ 4.45
hedera-hashgraph
Hedera (HBAR) $ 0.048507
eos
EOS (EOS) $ 1.05
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 46.29
trust-wallet-token
Trust Wallet (TWT) $ 2.65
flow
Flow (FLOW) $ 1.04
terra-luna
Terra Luna Classic (LUNC) $ 0.000172
frax
Frax (FRAX) $ 0.999918
the-sandbox
The Sandbox (SAND) $ 0.593216
axie-infinity
Axie Infinity (AXS) $ 8.13
tezos
Tezos (XTZ) $ 1.00
aave
Aave (AAVE) $ 62.90
theta-token
Theta Network (THETA) $ 0.878779
huobi-token
Huobi (HT) $ 6.60