Bitcoin Price Analysis

Bitcoin price analysis; Where is the resistance and support ahead?


Bitcoin was able to break the $ 63,000 resistance yesterday, and given the current market conditions, it is likely that the price will exceed $ 65,000 in the medium term.

to the Report Bitcoin started a massive uptrend yesterday from $ 62,000 and was able to break the key resistance of $ 63,000 shortly after and hold its position above the 100-hour moving average (SMA). .

The price then crossed the $ 63,500 resistance and reached its multi-week high of $ 64,448. The price has now been slightly adjusted to below $ 64,000. The closest support is in the range of $ 63,700 and the resistance level is 23.6% of the Fibonacci correction. In this analysis, Fibonacci levels are adjusted based on the upward movement of the price from $ 61,320 to the ceiling of $ 64,448.

Bitcoin price analysis;  Where is the resistance and support ahead?
Bitcoin price chart (click on the image to see the original size)

The full crossing of the price candle above the resistance of $ 64,250 opens the way for further growth of bitcoin. The next key resistance will be at the level of $ 64,200 and crossing this level can bring the price to $ 66,500. If the uptrend continues, it will be possible to reach $ 68,000.

If Bitcoin fails to break the $ 64,200 resistance, the price may continue to correct, in which case the closest support will be at $ 63,700.

Key price support is in the range of $ 62,850 and resistance is at the 50% Fibonacci retracement level. As mentioned, in this analysis, Fibonacci levels are adjusted based on the uptrend of the price from $ 61.320 to the ceiling of $ 64.448. If the uptrend line (blue line) within the chart is broken, the price may fall to the support of $ 61,000 and the 100-hour moving average.

The MACD is slowly falling out of the uptrend and the Relative Strength Index (RSI) is above 50.

As mentioned, $ 62,500 and $ 61,850 are key Bitcoin supports, and $ 64,200, $ 65,500 and $ 66,500 act as price resistance.

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