Bitcoin Price Recovers, it has recently bounced from the $63 500 area, the first cryptocurrency, which rose in popularity and became the flagship of the entire industry. Such up-surge has caused people to debate on the possibilities of coming back of a bull market. Here we disassemble the latest trends and technical analysts in order to determine if the old friend Bull run is truly back.
Fresh Increase Above $65,000
Bitcoin generated a V-shaped formation around $63,500 which enabled it to begin a rally towards and above $65,000. Now the price is above the $65,500 level backed up by the 100 hourly simple moving average. The bearish trend line at $66,000 on the BTC/USD hourly chart was broken after a long time, which also shows the continuation of the bullish trend. From this movement it is deduced that Bitcoin might move even higher towards $67500 and $68000 levels in the short term.
Key Resistance Levels Ahead
Bitcoin is on an upward search and has certain barriers that occur as resistances; The first critical level of resistance is around the $67,500 level. Breaking above this particular level could take Bitcoin even closer to the $68,000 resistance. Beyond that, the next big level is situated at $68,500. A breakout above could see more bullish action taken that could bring the price closer to a test of the highly significant $70,000 price ceiling.
Technical analysis, the upward movement
From the technical analysis, outstanding signals have been exhibited by Bitcoin in the technical fields. Momentum is forming in the bullish territory through the MACD hour indicator that is inclining steadily. The RSI (Relative Strength Index) of one hourly interval of BTC/USD has also risen above the half-line, which indicates that the buyers are getting dominant.
Potential for Another Decline
However, there is a possibility of a pullback to the bearish zone if Bitcoin cannot get past the $67,000 level. Downside support is now located at the $66,400 level and the 100 one-hour simple moving average. Based on the above analysis, the first main support level is located at $65500 with another stronger support at $65000. Any further descent towards the south can bring the price back to the $63,500 support level.
Conclusion
This is evident from Bitcoin current price activity which has managed to retest and bounce back from the $63,500 support level, and could go even further up in case it breaks through certain resistance levels. Now, we can observe that the technical aspect of the market points to a bullish scenario; however, BTC bearish penetration of $67,000 remains possible. Thus, as long as the market keeps fluctuating, it will be quite important to track and pay attention to the levels of support and resistance as the next move of Bitcoin.
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