Bitcoin Price Surges by 5%: Will BTC Bulls Regain Dominance?

Bitcoin has experienced a notable surge of almost 5%, pushing past the $62,500 mark and currently challenging the $63,500 resistance level with a positive momentum.

The ascent began with Bitcoin surpassing the $62,200 and $62,400 thresholds, maintaining its position above $62,500 and the 100-hourly Simple Moving Average. A significant breakthrough occurred when a key bearish trend line at $61,000 was breached on the BTC/USD hourly chart sourced from Kraken. Despite the upward trend, the pair could encounter difficulties in advancing beyond the $63,650 resistance area.

The recovery of Bitcoin’s price commenced after establishing a foundation above the $60,000 zone. The cryptocurrency demonstrated stability and initiated a respectable climb above the $61,500 resistance level. Notably, the bullish momentum propelled the price above the $62,500 barrier, marking a nearly 5% increase and positioning it in proximity to the $63,650 resistance zone.

Currently, Bitcoin’s price is holding above $62,500 and the 100-hourly Simple Moving Average, exhibiting stability well above the 23.6% Fibonacci retracement level from the $59,949 swing low to the $63,675 high. Potential future increases may encounter resistance around the $63,650 level, with key hurdles at $64,000 and $64,400. A decisive breach above the $64,400 barrier could initiate a consistent upward trajectory, propelling the price higher.

In the event of further escalation, Bitcoin’s price might test the $65,500 resistance level, potentially leading to a push towards the $66,000 barrier in the short term.

Conversely, failure to breach the $63,650 resistance barrier could trigger a downward correction. Initial support is anticipated near the $62,800 mark, followed by major support at $61,800 and the 50% Fibonacci retracement level from the $59,949 swing low to the $63,675 high. Subsequent support is emerging around $61,250 and the 100-hourly Simple Moving Average, with additional declines possibly directing the price towards the $60,500 support zone in the near future.

Technical indicators reveal the following levels: the hourly MACD is gaining momentum in the bullish zone, the hourly RSI (Relative Strength Index) for BTC/USD is currently above the 50 level, and the major support levels are identified at $62,800 and $61,800, while major resistance levels stand at $63,650 and $64,400.