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Home»EXCHANGE NEWS»Bitcoin price is back on the uptrend. Is a new rally starting?
EXCHANGE NEWS

Bitcoin price is back on the uptrend. Is a new rally starting?

By Crypto FlexsSeptember 23, 20242 Mins Read
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Bitcoin price is back on the uptrend. Is a new rally starting?
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Bitcoin price gained pace above the $62,500 resistance level. BTC even broke through the $63,200 level and is now consolidating its uptrend above $63,500.

  • Bitcoin is gaining momentum above the resistance level of $63,200.
  • The price is trading above $63,400 and the 100-hour simple moving average.
  • According to data provided by Kraken, the downtrend line connected with the resistance level at $63,220 on the hourly chart of BTC/USD has broken.
  • The pair could extend its uptrend if it remains above the $62,500 support zone.

Bitcoin Price Extends Rise Above $63,500

Bitcoin price extended its uptrend above the $62,500 level. BTC was able to move further into positive territory by breaking through the $62,800 and $63,200 resistance levels.

There was also a break above the connected downtrend line with resistance at $63,220 on the hourly chart of the BTC/USD pair. The bulls even pushed the price above the $63,500 level. A high was formed at $63,965 and the price is now consolidating in the uptrend.

There was a slight move below the $63,750 level. The price declined and tested the 23.6% Fibonacci retracement level of the upward move from the $62,440 swing low to the $63,965 high.

Bitcoin is currently trading above $63,500 and the 100-hour SMA. In an uptrend, the price may face resistance near the $63,950 level. The first major resistance is near the $64,200 level. A clear move above the $64,200 resistance level could see the price move higher.

The next major resistance could be $65,000. A close above the $65,000 resistance level could lead to further upside. If so, the price could rise and test the $65,500 resistance level.

Is the BTC price drop supported?

If Bitcoin fails to break above the $63,950 resistance zone, a downward correction could begin. Immediate support for the downside is near the $63,500 level.

The first major support is at $63,200, which is the 50% Fibonacci retracement level of the upward move from the $62,440 swing low to the $63,965 high. The next support is now near the $62,500 area. Any further losses could push the price towards the $61,500 support in the short term.

Technical indicators:

Hourly MACD – The MACD is currently gaining speed in a bullish zone.

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

Key support levels – $63,500, then $63,200.

Key resistance levels – $63,950 and $64,000.

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