Skip to main content
07 October, 2024

Bitcoin Price Rallies Above $63,000: Is the Bull Run Back On?

07 October, 2024

Bitcoin Price Makes a Strong Comeback

\n

Bitcoin has shown remarkable resilience in the face of recent market volatility, surging back above the $63,000 mark. After consolidating above the $60,000 level, BTC rallied past the $61,200 and $62,000 resistance levels, ultimately breaking through the $63,000 threshold. The bulls are in control, pushing the price as high as $63,949 before a minor consolidation phase.

\n

The positive momentum is further supported by the hourly chart, which reveals a connecting bullish trend line with support at $62,900. Bitcoin is currently trading above the 100 hourly Simple Moving Average and the 23.6% Fibonacci retracement level of the recent upward swing. This suggests that the upward trajectory is still in play.

\n

Potential Upsides and Resistance Levels

\n

The bulls are aiming for further gains, with the $64,200 resistance zone being the immediate target. A successful break above this level could open the doors for a significant surge. The next major resistance level lies at $65,000, with a close above it potentially triggering more gains.

\n

If Bitcoin manages to overcome the $65,000 hurdle, the price could test the $65,500 resistance level. Continued momentum could even push the price towards the $66,500 resistance level. However, these targets will require strong buying pressure and sustained market confidence.

\n

Support Levels and Potential Dips

\n

While the current momentum is bullish, it’s important to note that Bitcoin is not immune to dips. Should the price fail to break above the $64,000 resistance, a correction could occur. The immediate support level sits at $63,500.

\n

Further downside support is located at the $63,000 mark, coinciding with the 50% Fibonacci retracement level of the recent upward move and the bullish trend line. The next major support zone lies near $62,500. If the selling pressure intensifies, the price could potentially drop towards the $61,800 support level.

\n

Technical Indicators Point to Bullish Sentiment

\n

Technical indicators are currently reinforcing the bullish outlook. The hourly MACD is gaining momentum within the bullish zone. The hourly RSI (Relative Strength Index) for BTC/USD is above the 50 level, indicating strong buying strength.

\n

Key Levels to Watch

\n

    \n

  • Major Support Levels: $63,500, followed by $63,000.
  • \n

  • Major Resistance Levels: $64,000, and $64,200.
  • \n

\n

The recent rally suggests that Bitcoin is regaining its strength and is poised for further gains. However, it’s important to monitor technical indicators and key levels closely. While the bullish sentiment is strong, a potential dip cannot be ruled out.