CandleFocus

Bitcoin Price Ready to Resume Gains: Can the Uptrend Return?

Author: Content Editor
The Bitcoin price has started to increase and is aiming for further gains above the $63,500 zone. It has formed a support base above $60,000 and has recently surpassed resistance levels at $61,200 and $62,000. The price reached a high of $63,949 and is now consolidating its gains. There are signs of a fresh rally above $63,500, with the price currently trading above $63,250 and the 100 hourly Simple moving average. There is also a bullish trend line forming with support at $62,900. On the upside, the price may face resistance near $64,000 and $64,200, with a clear move above the latter potentially leading to further gains. A close above the $65,000 resistance could initiate more gains, potentially pushing the price toward the $65,500 and $66,500 resistance levels. However, if the price fails to rise above $64,000, it could start a decline. Immediate support is near $63,500, with further support levels at $63,000, $62,500, and $61,800. The technical indicators, including the MACD and RSI, suggest bullish momentum for Bitcoin.

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