TA: Here’s Why Bitcoin Price is Signaling Upside Continuation To $65K

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Bitcoin price started a fresh increase and it cleared the $62,000 resistance against the US Dollar. BTC traded to a new all-time high near $63,862 and it is likely to continue higher.

  • Bitcoin extended its rise above the $62,000 and $63,000 resistance levels.
  • The price is now trading well above the $62,500 level and the 100 hourly simple moving average.
  • There is a bullish continuation pattern forming with resistance near $63,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher above $64,000 and $64,200 in the coming sessions.

Bitcoin Price is Gaining Momentum

Bitcoin started a fresh increase after it broke the main $61,120 resistance zone. It opened the doors for more gains above the $62,000 resistance zone.

The price even cleared the $63,000 level and it traded to a new all-time high at $63,862. It is now trading well above the $62,500 level and the 100 hourly simple moving average. An immediate support is now forming near the $62,850 level.

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The 23.6% Fib retracement level of the recent wave from the $59,692 low to $63,862 high is near the $62,850 level. There is also a bullish continuation pattern forming with resistance near $63,600 on the hourly…

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