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Home Altcoins

Bitcoin Price Restarts Rally, Why BTC Could Soon Hit $65K

March 4, 2024
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Bitcoin Price Restarts Rally, Why BTC Could Soon Hit $65K
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Bitcoin price is gaining momentum above the $62,000 resistance. BTC is signaling an upside break and might surge toward the $65,000 resistance.

  • Bitcoin price is moving higher from the $61,200 support zone.
  • The price is trading above $62,500 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance at $62,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate higher toward the $65,000 resistance or even $65,730.

Bitcoin Price Regains Strength

Bitcoin price remained well-bid above the $60,000 support zone. A base was formed, and the price started a fresh increase above the $62,000 resistance.

There was a break above a key bearish trend line with resistance at $62,300 on the hourly chart of the BTC/USD pair. The pair even cleared the 76.4% Fib retracement level of the downward move from the $63,583 swing high to the $60,108 low.

Bitcoin is now trading above $62,500 and the 100 hourly Simple moving average. Immediate resistance is near the $63,800 level. The next key resistance could be $64,500, above which the price could rise toward the $65,000 resistance zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

If the bulls remain in action, the price could even surpass $65,000 and test $65,500. Any more gains might send the price toward the 1.618 Fib extension level of the downward move from the $63,583 swing high to the $60,108 low at $65,730.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $64,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $62,750 level.

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The first major support is $62,250 or the 100 hourly SMA. If there is a close below $62,250, the price could start a decent pullback toward the $61,000 zone. Any more losses might send the price toward the $60,000 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $62,750, followed by $62,250.

Major Resistance Levels – $63,800, $65,000, and $65,730.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Bitcoin price is gaining momentum above the $62,000 resistance. BTC is signaling an upside break and might surge toward the $65,000 resistance.

  • Bitcoin price is moving higher from the $61,200 support zone.
  • The price is trading above $62,500 and the 100 hourly Simple moving average.
  • There was a break above a key bearish trend line with resistance at $62,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate higher toward the $65,000 resistance or even $65,730.

Bitcoin Price Regains Strength

Bitcoin price remained well-bid above the $60,000 support zone. A base was formed, and the price started a fresh increase above the $62,000 resistance.

See also  Avalanche inscriptions draw in user interest as AVAX lingers

There was a break above a key bearish trend line with resistance at $62,300 on the hourly chart of the BTC/USD pair. The pair even cleared the 76.4% Fib retracement level of the downward move from the $63,583 swing high to the $60,108 low.

Bitcoin is now trading above $62,500 and the 100 hourly Simple moving average. Immediate resistance is near the $63,800 level. The next key resistance could be $64,500, above which the price could rise toward the $65,000 resistance zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

If the bulls remain in action, the price could even surpass $65,000 and test $65,500. Any more gains might send the price toward the 1.618 Fib extension level of the downward move from the $63,583 swing high to the $60,108 low at $65,730.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $64,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $62,750 level.

The first major support is $62,250 or the 100 hourly SMA. If there is a close below $62,250, the price could start a decent pullback toward the $61,000 zone. Any more losses might send the price toward the $60,000 support zone.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $62,750, followed by $62,250.

Major Resistance Levels – $63,800, $65,000, and $65,730.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Tags: 65KBitcoinBTChitPricerallyrestarts

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

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Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

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UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

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Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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Nexus wants to solve liquidity fragmentation between zk ecosystems

Nexus wants to solve liquidity fragmentation between zk ecosystems

November 18, 2023
‘Dodgy Cryptocurrencies and Silly NFTs’ Have Spoiled Blockchain’s Narrative

‘Dodgy Cryptocurrencies and Silly NFTs’ Have Spoiled Blockchain’s Narrative

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Next Cryptocurrency to Explode in 2023

Next Cryptocurrency to Explode in 2023

May 1, 2023
What Is MemeFi? The Telegram Tap-to-Earn Fighting Game and Airdrop Details

What Is MemeFi? The Telegram Tap-to-Earn Fighting Game and Airdrop Details

August 30, 2024

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