Bitcoin has initiated a fresh upward trend starting from the $53,500 support level. On the daily chart, BTC/USD successfully broke through a significant bearish trend line at $60,000. Analysts anticipate that the price could potentially continue its upward trajectory towards the $67,500 and $70,000 resistance thresholds.
Bitcoin Price Resumes Uptrend Above $60K
Recent market movements have seen Bitcoin’s price surge from the $53,500 support area. After establishing a base, the price managed to surpass the $58,500 and $60,000 resistance levels, entering a positive zone. This bullish momentum not only propelled Bitcoin higher but also positively impacted Ethereum, Solana, XRP, ADA, and PEPE.
On the daily chart, Bitcoin successfully broke through a major bearish trend line at $60,000. Furthermore, there was a steady climb above the 50% Fib retracement level of the downward movement from the $71,950 peak to the $53,220 low.
Bitcoin’s price has comfortably settled above the 50-day simple moving average (blue line). The recent series of daily candles indicate a strong bullish momentum above the $62,500 resistance level.
If the bullish trend continues, Bitcoin’s price could potentially surpass the $65,000 mark. The primary resistance beyond $66,200 is situated around the $67,500 region, close to the 76.4% Fib retracement level. A successful breach of the $67,500 resistance could pave the way for further gains, potentially leading to a test of the $70,000 threshold. Breaking above $70,000 could propel the price towards the $72,000 resistance level, with further gains possibly pushing it towards $75,000 and a new all-time high.
Potential Downside Correction for Bitcoin
Conversely, Bitcoin may face resistance near $66,500 or $67,000, leading to a potential downside correction. Immediate support on the downside is expected near the $64,800 level, followed by a more significant support zone at $64,000 and the 50-day simple moving average (blue line).
A break below the $64,000 support level could trigger further bearish movements, potentially pushing the price towards the $62,000 support region. Continued losses might open the door for a move towards the key support at $60,000 in the near future.
Overall, Bitcoin is demonstrating a strong bullish sentiment above $62,500 and the 50-day SMA. Analysts believe that Bitcoin could witness further upside potential if it manages to break through the $67,500 resistance level.