Bitcoin Price Restarts Rally, Why BTC Could Soon Hit $65K
03 Marzo 2024 - 9:13PM
NEWSBTC
Bitcoin price is gaining momentum above the $62,000 resistance. BTC
is signaling an upside break and might surge toward the $65,000
resistance. Bitcoin price is moving higher from the $61,200 support
zone. The price is trading above $62,500 and the 100 hourly Simple
moving average. There was a break above a key bearish trend line
with resistance at $62,300 on the hourly chart of the BTC/USD pair
(data feed from Kraken). The pair could accelerate higher toward
the $65,000 resistance or even $65,730. Bitcoin Price Regains
Strength Bitcoin price remained well-bid above the $60,000 support
zone. A base was formed, and the price started a fresh increase
above the $62,000 resistance. There was a break above a key bearish
trend line with resistance at $62,300 on the hourly chart of the
BTC/USD pair. The pair even cleared the 76.4% Fib retracement level
of the downward move from the $63,583 swing high to the $60,108
low. Bitcoin is now trading above $62,500 and the 100 hourly Simple
moving average. Immediate resistance is near the $63,800 level. The
next key resistance could be $64,500, above which the price could
rise toward the $65,000 resistance zone. Source: BTCUSD on
TradingView.com If the bulls remain in action, the price could even
surpass $65,000 and test $65,500. Any more gains might send the
price toward the 1.618 Fib extension level of the downward move
from the $63,583 swing high to the $60,108 low at $65,730. Are Dips
Supported In BTC? If Bitcoin fails to rise above the $64,000
resistance zone, it could start another downside correction.
Immediate support on the downside is near the $62,750 level. The
first major support is $62,250 or the 100 hourly SMA. If there is a
close below $62,250, the price could start a decent pullback toward
the $61,000 zone. Any more losses might send the price toward the
$60,000 support zone. 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 – $62,750, followed by $62,250. Major
Resistance Levels – $63,800, $65,000, and $65,730.
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