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Home»EXCHANGE NEWS»Bitcoin Price Recovers Lost Ground: Is the Bull Market Back?
EXCHANGE NEWS

Bitcoin Price Recovers Lost Ground: Is the Bull Market Back?

By Crypto FlexsJuly 27, 20242 Mins Read
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Bitcoin Price Recovers Lost Ground: Is the Bull Market Back?
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Bitcoin price found support near the $63,500 area. BTC is currently rising and showing positive signs above the $65,500 resistance area.

  • Bitcoin has formed a base and started a new uptrend above the $65,000 resistance zone.
  • The price is trading above $65,500 and the 100 hourly simple moving average.
  • According to data provided by Kraken, a major downtrend line has broken centered around the resistance level of $66,000 on the hourly chart of BTC/USD.
  • This currency pair could surge towards the $67,500 and $68,000 levels in the short term.

Bitcoin Price Bolsters Again, Up 4%

Bitcoin price extended losses and traded below the $64,200 level. However, BTC bulls were active near the $63,500 level. A low was formed at $63,427 and the price recently started a new uptrend.

It moved above the $64,500 and $65,000 resistance levels. The price rose above the 50% Fibonacci retracement level of the downward move from the $68,240 swing high to $63,427 low. Moreover, it broke above the major downtrend line with the resistance at $66,000 on the hourly chart of the BTC/USD pair.

Bitcoin price is currently trading above $65,500 and the 100-hourly simple moving average. If the price continues to rise, it may face resistance near the $67,000 level or the 76.4% Fib retracement level of the downtrend from the $68,240 swing high to the $63,427 low.

The first major resistance is near the $67,500 level. If the $67,500 resistance is clearly surpassed, the price may move higher in the next session. The next major resistance could be $68,000. The next major hurdle is at $68,500. A close above the $68,500 resistance could trigger a bullish move. If mentioned, the price may rise and test the $70,000 resistance.

Bitcoin Another Downtrend?

If Bitcoin fails to recover above the $67,000 resistance, another downtrend could begin. Immediate support for the downtrend lies near the $66,400 level and the 100-hour SMA.

The first major support is at $65,500. The next support is currently near $65,000. If there is further loss, the price could move towards the $63,500 support area in the short term.

Technical indicators:

Hourly MACD – MACD is now gaining speed in the bullish zone.

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

Key support levels – $66,400, then $65,500.

Key resistance levels – $67,000 and $68,000.

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