June 24, 2021

Why Bitcoin Price Could Accelerate To $65K, Dips Likely To Be Limited

2 min read

Bitcoin rate is gaining momentum and it broke the $60,000 resistance versus the United States Dollar. BTC is showing favorable indications and it might continue to increase towards $65,000.

  • Bitcoin rallied above the $60,000 level and traded to a new all-time high near $61,800.
  • The cost is now trading nicely above $60,000 and the 100 easy moving typical (4-hours).
  • There is a crucial bullish trend line forming with support near $58,500 on the 4-hours chart of the BTC/USD pair (information feed from Kraken).
  • The set could remedy lower, however dips are most likely to be limited below $58,000 in the near term.

Bitcoin Price is Surging

This past week, bitcoin cost began a constant boost above the $55,000 resistance versus the United States Dollar. The BTC/USD pair even broke the $58,000 level and settled above the 100 basic moving typical (4-hours).

The upward relocation acquired rate above the 76.4% Fib retracement level of the essential down relocation from the $58,281 swing high to $40,073 low. There was a strong increase above the $58,500 and $60,000 resistance levels.

It even surged above the $61,000 level and traded to a new all-time high near $61,800. It looks like bitcoin rate dealt with a strong selling interest near the $61,800. The 1.236 Fib extension level of the essential down move from the $58,281 swing high to $40,073 low.

Bitcoin Price

 Source: BTCUSD on TradingView.com

The rate is currently fixing lower below the $61,000 level. On the downside, a preliminary support is near the $60,000 level. There is also an essential bullish pattern line forming with support near $58,500 on the 4-hours chart of the BTC/USD set. Any more losses might open the doors for a move towards the $58,000 and $57,200 support levels.

Restricted Downsides in BTC?

On the upside, the $61,500 and $61,800 resistance levels are preliminary obstacles for the bulls. A clear break above $61,800 might open the doors for a move towards the $62,500 level.

The next significant resistance is near the $65,000 level. Anymore gain might push the cost towards the $68,000 and $68,500 resistance levels in the near term.

Technical indicators

4 hours MACD –– The MACD for BTC/USD is acquiring bullish momentum in the bullish zone.

4 hours RSI (Relative Strength Index) –– The RSI for BTC/USD is now well above the 50 level.

Major Support Level –– $60,000

Major Resistance Level –– $58,500