The first Bitcoin-linked ETF was launched on the New York Stock Exchange yesterday. Following the news, Bitcoin surpassed the $63,000 and $64,000 levels, but failed to set a new ATH. According to technical analysis by NewsBTC’s Aayush Jindal, BTC gained momentum above the $63,000 resistance and it could break the $65,000 resistance in the short term:
- Bitcoin is showing positive signals above the $61,000 and $62,500 levels.
- Price is currently trading above $62,500 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $62,800 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could continue the rally and even surpass the $65,000 level in the near term.
Bitcoin Eyes on More Rising
Bitcoin maintained its positive mood after the launch of the first Bitcoin ETF. Bitcoin price started a massive increase above the $62,000 resistance zone. BTC broke the key $63,000 resistance area and settled above the 100 hourly simple moving average. It even climbed above the $63,500 resistance and rallied as high as $64,448, forming a local top. It is currently correcting lower and trading below the $64,000 level. An immediate support is near the $63,700 level. This is near the 23.6% Fib retracement level of the upward move from the $61,320 high to $64,448 high.
There is also a key bullish trend line forming with support near $62,800 on the hourly chart of the BTC/USD pair. According to Jindal, an initial resistance on the upside is near the $64,000 level. The first key resistance is near the $64.250 level. 64. A clear break above the $250 resistance could open the doors for more upsides. The next major resistance is near the $65,000 level, above which the price could rally to the $66,500 level. Any further gains could set the pace for a larger rise towards the $68,000 level.
Will Bitcoin Drop?
Jindal says that if Bitcoin fails to break past the $64.200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $63,700 level. The first major support is now formed near the $62,850 level. This is close to the 50% Fib retracement level of the upward move from the $61,320 high to $64,448 high. The main support is near the trend line, below which the price could decline towards the $61,000 support and the 100 hourly SMA.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is now losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still above the 50 level.
- Main Support Levels – 61.850 followed by $62.500
- Main Resistance Levels – $64.200, 65.500 and $66.500