Bitcoin Breaks Free: Emerging from Bearish Sentiment, Crypto Market Optimism Rises

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is up nearly 8% and it broke many hurdles. BTC is now consolidating gains and might correct in the short term toward $65,000.

Bitcoin started a strong increase and cleared the $63,500 resistance zone.
The price is trading above $65,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct gains but the bulls might be active near $65,000 and $64,500.

Bitcoin Price Jumps 8%

Bitcoin price remained strong above the $60,000 support zone. BTC formed a base and started a fresh increase above the $62,000 level. There was a break above a key bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair.

The pair rallied over 6% and broke many hurdles near the $63,500 resistance. It even cleared the $65,500 resistance. A new weekly high was formed at $66,411 and the price is now consolidating gains.

It is holding gains above the 23.6% Fib retracement level of the recent wave from the $61,073 swing low to the $66,411 high. Bitcoin price is also trading above $65,000 and the 100 hourly Simple moving average.

Immediate resistance is near the $66,400 level. The first major resistance could be $66,850. The next key resistance could be $67,200. A clear move above the $67,200 resistance might send the price higher. In the stated case, the price could rise and test the $68,000 resistance.

If there is a close above the $68,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000.

Are Dips Limited In BTC?

If Bitcoin fails to climb above the $66,400 resistance zone, it could start a downside correction. Immediate support on the downside is near the $65,150 level.

The first major support is $64,500. If there is a close below $64,500, the price could start to drop toward $63,500 or the 50% Fib retracement level of the recent wave from the $61,073 swing low to the $66,411 high. Any more losses might send the price toward the $63,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now 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 – $65,150, followed by $64,500.

Major Resistance Levels – $66,400, $66,800, and $67,200.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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