Bitcoin kicked off the month of July with a solid 5% increase, propelling its price above the $63,800 mark and creating a positive trend in the markets. The cryptocurrency found strong support above the $60,000 level, which contributed to its steady upward movement. Breaking through the $61,500 resistance zone, Bitcoin breached a major downtrend line on the hourly chart of the BTC/USD pair.
Key Levels for Bitcoin
At present, Bitcoin is trading above $63,200 and comfortably above the 100-hour Simple Moving Average (SMA) level of $62,450. The next significant resistance level for BTC lies at $63,900. To stay updated on the latest financial and business news, visit COINTURK FINANCE.
If Bitcoin manages to overcome this resistance, it may encounter further hurdles at various important levels. The first notable resistance is at $64,000, followed by $64,400. A decisive breakthrough above $64,400 could potentially drive the price towards the $65,500 level. Further gains could even lead Bitcoin to test the $66,000 resistance in the near future.
Potential Downward Movements in Bitcoin
Should Bitcoin fail to surpass the $63,900 resistance zone, a downward correction may be in store. The first support on the downside lies near the $62,800 level, followed by the support level around $61,800. This level also coincides with the 50% Fibonacci retracement level of the recent upward move. Another support level is formed around $61,250, which aligns with the 100-hour SMA. If these support levels fail to hold, the price could drop towards the $60,500 support zone.
Technical indicators currently suggest a favorable environment for Bitcoin. The hourly MACD is gaining momentum in the bullish zone, indicating the potential for further upward movement. Additionally, the hourly RSI (Relative Strength Index) for the BTC/USD pair is above the 50 level, further bolstering the strength of the current trend.
Key resistance zones to keep an eye on include $63,650, $64,000, and $64,400. Conversely, the support levels of $62,800, $61,800, and $61,250 should be considered critical in the event of a downward correction.
Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research. Stay updated with our news on Telegram, Facebook, Twitter, and Coinmarketcap.