Why can Bitcoin price accelerate to $65K? Dips likely to be limited

Bitcoin price is gaining momentum and it broke the $60,000 resistance against the US Dollar. BTC is showing positive signs and it could continue to rise towards $65,000.

Bitcoin price is surging

This past week, bitcoin price started a steady increase above the $55,000 resistance against the US Dollar. The BTC/USD pair even broke the $58,000 level and settled above the 100 simple moving average (4-hours).

The upward move gained pace above the 76.4% Fib retracement level of the key downward move from the $58,281 swing high to $40,073 low. There was a strong increase above the $58,500 and $60,000 resistance levels.

It even spiked above the $61,000 level and traded to a new all-time high near $61,800. It seems like bitcoin price faced a strong selling interest near the $61,800. The 1.236 Fib extension level of the key downward move from the $58,281 swing high to $40,073 low.

Bitcoin Price
Source: BTCUSD on TradingView.com

The price is currently correcting lower below the $61,000 level. On the downside, an initial support is near the $60,000 level. There is also a key bullish trend line forming with support near $58,500 on the 4-hours chart of the BTC/USD pair. Any more losses could open the doors for a move towards the $58,000 and $57,200 support levels.

Limited downsides in BTC?

On the upside, the $61,500 and $61,800 resistance levels are initial hurdles for the bulls. A clear break above $61,800 could open the doors for a move towards the $62,500 level.

The next major resistance is near the $65,000 level. Any more gain could push the price towards the $68,000 and $68,500 resistance levels in the near term.

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TimeBit/Source: Decrypto

*The article is for information purposes and market analysis only, not an article that encourages investment. You should do your own research before making any investment decisions. Crypto, Forex news updated 24/7 on our social media channels: Follow us at TimeBit and Telegram Timebit-Cryptonews.