Bitcoin made ripples after quickly rebounding from below $59,500 and rising to around $63,400. Although the price has returned to around $62,700, it is still a staggering 4% increase in just 24 hours. Does this mean Bitcoin is gearing up for an even bigger move in the future?
Bitcoin could surpass $64,000
Bitcoin recently fell below $59,500, but quickly rebounded and showed strong movement. Analyst Michael Van de Poppe believes this trend could lead to further price increases in the coming days.
He suggests that Bitcoin could consolidate for a few days before starting a significant rally next week. A breakout of the major resistance level between $64,000 and $65,000 is very important as it could signal a major change in the market.
If this happens, it could lead to new all-time highs and a surge in the altcoin market. Investors are keeping an eye on Bitcoin given its current price fluctuations and possible bullish trend. If a breakout occurs, it could signal a broader market uptrend and benefit various altcoins.
Bitcoin price analysis
Bitcoin is currently trading around $63,000 and its 100-hour simple moving average. With a bearish trend line forming at that level, it could face resistance near $63,620.
Meanwhile, the first major resistance level is $66,650, which is the 50% Fibonacci retracement level from the recent decline. If Bitcoin breaks above $63,650, the next major resistance level will be $64,000, which could lead to further upside.
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