TA: Bitcoin Gearing For Lift-Off to $65K: Rally Isn’t Over Yet

Aayush Jindal

1 year ago

2 mins read

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Bitcoin is gaining pace above the $60,000 zone against the US Dollar. BTC could accelerate higher towards the $65,000 resistance zone in the near term.

Bitcoin started a fresh increase and it broke the $60,000 level.
The price is now trading above $62,000 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue higher towards the $63,500 level in the near term.

Bitcoin Price Gains Momentum

Bitcoin price settled above the $60,000 zone to move further into a bullish territory. BTC even broke the $61,500 and $62,000 resistance levels.

A high was formed near the $62,887. Recently, there was a minor downside correction below the $62,000 pivot zone. The price declined below the $60,000 support level and the 100 hourly simple moving average.

However, downsides were limited below the $58,800 level. A low was formed near $58,888 before the price started a fresh increase. There was a clear break above the $60,000 level and the 100 hourly SMA. The price surpassed the 50% Fib retracement level of the downside correction from the $62,887 swing high to $58,888 low.

There was also a break above a major bearish trend line with resistance near $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above the 76.5% Fib retracement level of the downside correction from the $62,887 swing high to $58,888 low.

Source: BTCUSD on TradingView.com

On the upside, an initial resistance is near the $62,500 level. The first key resistance is near the $62,850 level. A clear break above the $62,850 resistance could open the doors for more upsides. The next major resistance sits near the $63,500 level, above which the price might surge towards the $65,000 level in the near term.

Dips Limited In BTC?

If bitcoin fails to clear the $62,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $61,200 level.

The first major support is now forming near the $60,000 level (the recent breakout zone) and the 100 hourly SMA. A downside break below the $60,000 level could spark a larger correction.

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 – $61,200, followed by $60,000.

Major Resistance Levels – $62,500, $62,850 and $63,500.

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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

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Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

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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