The News Crypto -
- Bitcoin reaches $63,000, driven by external events such as the assassination attempt on Donald Trump.
- BTC surpassed key resistance levels, indicating potential bullish momentum in the short term.
Bitcoin’s (BTC) price has extended its upward momentum, hitting the $63,000 mark on Monday. This rise comes against a backdrop of heightened market activity and dramatic news, including a failed assassination attempt on former President Donald Trump, which added to the market’s surge.
Over the past day, Bitcoin’s price has surged by 5.85%, moving from a low of $59,546 to a high of $63,025, as per CoinMarketCap data. This climb marks Bitcoin’s highest point in two weeks, contributing to a 4.16% increase in the global crypto market cap, now at $2.30 trillion. Over the past week, Bitcoin has displayed a 13.82% increase.
Will Bitcoin (BTC) Hit $65K?
The price rally was initiated as Bitcoin broke significant resistance levels at $60,500 and $62,000. That pushed BTC past $62,500 to enter a positive trend zone. This momentum carried the price above $63,000 before consolidating its gains. Currently, Bitcoin is trading at $62,982 with a daily trading volume of $25.33 billion, an increase of over 22% in the past 24 hours.
Technically, Bitcoin is performing well above the 23.6% Fib retracement level from the recent low of $56,514 to the high of $63,025. It remains above the 100-hourly simple moving average (SMA), indicating a strong bullish trend. Additionally, a key bullish trend line with resistance around $63,500 is forming on the BTC/USD hourly chart.
As per BTC price prediction, if the crypto continues its rally, the immediate resistance level will be at $63,250, with significant resistance near $63,850. A decisive move above $63,850 could trigger further gains, potentially testing the $65,000 resistance level. Further, the relative strength index (RSI) is overbought at 79.24, suggesting strong buying pressure.
On the downside, a correction could ensue if Bitcoin fails to surpass the $63,000 resistance. Initial support is $62,500, followed by more substantial support at $62,200 and the trend line zone. Further declines could see Bitcoin testing support around $61,550 and $60,500.
This content was originally published on The News Crypto
