Bitcoin commenced July with a notable 5% rise, propelling its price above the $63,800 mark and setting a positive market trajectory. Establishing a robust base above $60,000, BTC’s upward momentum was bolstered by clearing the $61,500 resistance area, which effectively breached a major downtrend line on the BTC/USD hourly chart.
Significant Bitcoin Levels to Watch
Currently trading above $63,200, Bitcoin is comfortably positioned above the 100-hour Simple Moving Average (SMA) level of $62,450. The next crucial resistance for BTC lies at $63,900. Overcoming this could pave the way for further resistance at $64,000 and $64,400. A decisive break past $64,400 might propel the price towards the $65,500 region, with potential to test $66,000 shortly.
Will BTC Face Downward Movements?
Bitcoin may experience a downward adjustment if it fails to surpass the $63,900 resistance. Initial support on the downside is around $62,800, followed by $61,800, which aligns with the 50% Fibonacci retracement of the recent rise. Additional support is established near $61,250, matching the 100-hour SMA. Breaching these levels could drive the price down towards the $60,500 support area.
Key Takeaways from Technical Indicators
Technical indicators currently favor Bitcoin:
- The hourly MACD is gaining bullish momentum, suggesting continued upward potential.
- The hourly RSI for the BTC/USD pair is above 50, reinforcing the current trend’s strength.
Monitoring key resistance zones at $63,650, $64,000, and $64,400 is essential. Conversely, crucial support levels to watch include $62,800, $61,800, and $61,250 in case of a downward correction.
Overall, Bitcoin’s performance in early July indicates a strong upward trend, with technical indicators signaling potential for further gains. However, vigilance is required at critical resistance and support levels to navigate possible market corrections effectively.