Bitcoin kicked off July with a 5% increase, pushing its price above $63,800 and setting a positive trend in the markets. The cryptocurrency managed to maintain a strong foundation above the $60,000 level, leading to a steady increase in its price. Surpassing the $61,500 resistance zone, Bitcoin violated a major downtrend line on its hourly chart, marking a significant price movement for the BTC/USD pair.
Currently, Bitcoin is trading above $63,200 and comfortably sits above the 100-hour Simple Moving Average (SMA) level of $62,450. The next important resistance level is set at $63,900. If Bitcoin manages to break through this resistance, it will face several key levels of resistance at $64,000, $64,400, and potentially $65,500. Further gains could even lead to a test of the $66,000 resistance in the near future.
In the event of a failure to surpass the $63,900 resistance zone, Bitcoin may undergo a downward correction. The first support on the downside is near $62,800, followed by the support level around $61,800, which aligns with the 50% Fibonacci retracement level of the recent upward move. Additional support is formed around $61,250, coinciding with the 100-hour SMA. Technical indicators currently favor Bitcoin, with the hourly MACD gaining momentum in the bullish zone and the hourly RSI for the BTC/USD pair above the 50 level, reinforcing the strength of the current trend.
Key resistance zones to watch include $63,650, $64,000, and $64,400, while critical support levels of $62,800, $61,800, and $61,250 should be considered in the event of a downward correction. Investors are advised to conduct their own research and be aware of the high volatility and risk associated with cryptocurrencies, as the information provided does not constitute investment advice.
