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Home»EXCHANGE NEWS»Cryptocurrency market optimism rises, breaking away from bearish sentiment
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Cryptocurrency market optimism rises, breaking away from bearish sentiment

By Crypto FlexsMay 16, 20243 Mins Read
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Cryptocurrency market optimism rises, breaking away from bearish sentiment
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Bitcoin price rose nearly 8% and broke through many hurdles. BTC is currently consolidating gains and may correct towards $65,000 in the near term.

  • Bitcoin started a strong rally and broke through the $63,500 resistance zone.
  • The price is trading above $65,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trend line with resistance at $61,500.
  • The pair may correct gains, but the bulls may become active near $65,000 and $64,500.

Bitcoin price rises 8%

Bitcoin price remained strong above the $60,000 support zone. BTC formed a base and began a new rise above the $62,000 level. On the hourly chart of the BTC/USD pair, a breakout occurred above the main bearish trend line with resistance at $61,500.

The pair rallied more than 6% and broke a number of hurdles near the $63,500 resistance. Even the resistance at $65,500 was removed. A new weekly high was set at $66,411 and the price is currently on an upward trend.

From the swing low of $61,073 to the high of $66,411, the uptrend remains above the 23.6% Fib retracement level of the recent wave. Bitcoin price is trading above $65,000 and the 100-hour simple moving average.

Immediate resistance is near the $66,400 level. The first major resistance could be at $66,850. The next major resistance could be at $67,200. A clear break above the $67,200 resistance level could push the price higher. If stated, the price could move higher and test the $68,000 resistance.

Source: TradingView.com BTCUSD

If the price closes above the $68,000 resistance zone, the price could continue to rise. If specified, the price could go up to $70,000.

Are dips limited in BTC?

If Bitcoin fails to break above the $66,400 resistance zone, a downward correction could begin. Immediate support for the downside is near the $65,150 level.

The first major support is $64,500. If the close is below $64,500, the price may start to decline from $61,073 to $66,411, which is $63,500 or the 50% Fib retracement level of the recent wave. More losses could push the price towards the $63,000 support area in the near term.

Technical indicators:

Hourly MACD – MACD is now gaining speed in bullish territory.

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

Key support levels – $65,150, then $64,500.

Key resistance levels – $66,400, $66,800 and $67,200.

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