The post Bitcoin Price Challenge: Can It Break Through and Resume Climbing? appeared on BitcoinEthereumNews.com.

Bitcoin price recovered and tested the $63,650 resistance zone. BTC is now consolidating gains and might make another attempt to surpass $63,650. Bitcoin started a decent increase above the $62,500 and $63,000 levels. The price is trading above $62,250 and the 100 hourly Simple moving average. There is a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might gain bullish momentum if it clears the $63,650 resistance zone. Bitcoin Price Holds Ground Bitcoin price started a decent upward move above the $61,200 zone. BTC was able to clear the $62,000 and $63,000 resistance levels to move into a short-term positive zone. However, the bears took a stand near the $63,650 zone. A high was formed at $63,798 and the price recently corrected some gains. There was a move below the $63,200 level. The price tested the 23.6% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high. Bitcoin price is now trading above $62,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair. If there is another increase, the price could face resistance near the $63,250 level. The first key resistance is near the $63,650 level. The next key resistance could be $64,000. A clear move above the $64,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $65,000 resistance. Any more gains might send BTC toward the $66,500 resistance in the near term. Are Dips Supported In BTC? If Bitcoin fails to climb above the $63,650 resistance zone, it could slowly move down. Immediate support on…

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Filed under: News - @ July 2, 2024 10:20 am