Bitcoin

Resistance

Bitcoin price recovered and tested the $63,650 resistance zone. BTC is now consolidating gains and might make another attempt to surpass $63,650. 
<ul> 
 <li>Bitcoin started a decent increase above the $62,500 and $63,000 levels.</li> 
 <li>The price is trading above $62,250 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might gain bullish momentum if it clears the $63,650 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-holds-ground">Bitcoin Price Holds Ground</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-spikes-63500/" target="_blank" rel="noopener ">decent upward move</a> above the $61,200 zone. BTC was able to clear the $62,000 and $63,000 resistance levels to move into a short-term positive zone. 
However, the bears took a stand near the $63,650 zone. A high was formed at $63,798 and the price recently corrected some gains. There was a move below the $63,200 level. The price tested the 23.6% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high. 
Bitcoin price is now trading above $62,250 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-62400/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair. 
If there is another increase, the price could face resistance near the $63,250 level. The first key resistance is near the $63,650 level. The next key resistance could be $64,000. A clear move above the $64,000 resistance might start a steady increase and send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_794c92.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627295 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_794c92.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_794c92.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_794c92.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_794c92.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_794c92.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_794c92.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_794c92.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_794c92.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
In the stated case, the price could rise and test the $65,000 resistance. Any more gains might send BTC toward the $66,500 resistance in the near term. 
<h2 id="are-dips-supported-in-btc">Are Dips Supported In BTC?</h2> 
If Bitcoin fails to climb above the $63,650 resistance zone, it could slowly move down. Immediate support on the downside is near the $62,800 level and the trend line. 
The first major support is $62,200. The next support is now forming near $61,800 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high. Any more losses might send the price toward the $60,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $62,800, followed by $61,800. 
Major Resistance Levels – $63,650, and $64,000.

Bitcoin Price Challenge: Can It Break Through and Resume Climbing?

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