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Home»BITCOIN NEWS»Bitcoin price signals continuation of upward trend, but patience is key
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Bitcoin price signals continuation of upward trend, but patience is key

By Crypto FlexsMay 7, 20243 Mins Read
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Bitcoin price signals continuation of upward trend, but patience is key
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Bitcoin price continued its upward trend above the $64,000 resistance line. BTC currently holds gains above $62,800 and could be targeting further upside.

  • Bitcoin traded at a new weekly high of $65,500 before a downward correction.
  • The price is trading above $63,500 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a key bullish trendline with support at $63,350.
  • A break above the resistance levels of $64,500 and $65,500 could lead to further upside.

Bitcoin Price Is Aiming Higher

Bitcoin price remained above the $62,500 support area and extended gains. BTC was able to clear the $64,500 resistance. It even liquidated $65,000 and tested $65,500.

A high was formed at $65,550 and the price is currently correcting to the upside. It fell slightly below the $64,000 level. The price tested the 23.6% Fib retracement level rising from the $56,380 swing low to the $65,550 high.

However, the bulls are active near $63,000. The hourly chart of the BTC/USD pair also has a major bullish trendline with support at $63,350.

Bitcoin is currently trading above $63,000 and the 100-hour simple moving average. Immediate resistance is near the $64,500 level. The first major resistance could be $65,000. The next major resistance could be $65,500.

Source: TradingView.com BTCUSD

A clear break above the $65,500 resistance could push the price higher. The next resistance level is currently at $67,200. If there is a clear move above the $67,200 resistance zone, the price may continue to rise. If specified, the price could go as high as $68,800.

Another drop in BTC?

If Bitcoin fails to rise above the $65,500 resistance zone, another decline could begin. Immediate support for the downside is near the $63,350 level and trendline.

The first major support is $62,800. If the close is below $62,800, the price may start to decline towards the 50% Fib retracement level, rising from the $56,380 swing low to the $60,800 swing high to $65,550. More losses could push the price towards the $60,000 support area in the near term.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bullish territory.

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

Key support levels – $63,350, then $62,800.

Key resistance levels – $64,500, $65,000 and $65,500.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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