- Bitcoin rises over $3,000, peaking at $63,787.
- BTC maintains bullish trend above $63,000 support level.
- Potential resistance at $63,850; overbought RSI suggests possible pullback.
Bitcoin
The value of Bitcoin has remained consistently above the $63,000 threshold, establishing a base that has led to a significant climb beyond the previously encountered resistance level of $63,500. Moreover, Bitcoin is exhibiting a bullish pattern despite a brief dip below the critical bearish trend line at $57,000 on June 24, marking the second time it has touched the lower end of its price spectrum in almost four months.
At the moment of this report, Bitcoin has appreciated by approximately 4.17% and is hovering around the $63,440 resistance area.
Will Bitcoin Maintain Its Upward Trajectory in July?
On the hourly chart for BTC/USD, the digital currency has secured strong support above the $63,000 level. It also maintains a position above the 24.6% Fibonacci retracement level of the recent ascent from the $58,405 swing low to the $63,700 high.
In addition, the near-term 9-day simple moving average (SMA) for Bitcoin is positioned higher than the 21-day SMA, suggesting the continuation of a bullish trend.
Should BTC’s upward momentum persist, it might encounter a hurdle around the $63,850 mark. Overcoming this could empower the bulls to propel BTC toward an initial significant barrier at approximately $64,200 and then onto $66,500. Surpassing the $66,500 mark decisively could spark a robust ascent, potentially driving the price to the vicinity of $70,000.
In such a case, the price could continue its climb to challenge the $71,300 resistance level. There’s a chance for the momentum to extend even further, possibly reaching beyond $72,000, thereby setting new record highs.
On the flip side, Bitcoin’s relative strength index (RSI) is currently at 68, close to the threshold indicating overbought conditions. This suggests that a trend reversal or a corrective pullback might be on the horizon.
If Bitcoin struggles to break through the resistance zone at $63,500, a downward correction could ensue. The nearest cushion is found at $62,400, followed by more substantial support near $61,900, which coincides with the 50% Fibonacci retracement level.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
