Bitcoin (BTC) has surged approximately 5.08%, rising from a low of $60,630 to a peak of $63,712. The daily trading volume for BTC has reached $21.53 billion, marking an 82% increase over the past 24 hours.
Over the last day, Bitcoin has experienced a significant uptick, gaining over $3,000 and reaching a high of $63,787. This growth coincides with the end of the weekend and increased trading activity as the new week begins. Currently, Bitcoin’s price has stabilized above $63,000, creating a strong foundation that has allowed it to surpass the previous resistance level of $63,500. This indicates a positive trend, despite a brief dip below a significant bearish trend line at $57,000 on June 24, which marked the second time it bottomed out in nearly four months.
As of now, Bitcoin is trading near the $63,440 resistance zone, up nearly 4.17%.
Can Bitcoin Maintain Its Bullish Momentum in July?
On the BTC/USD hourly chart, Bitcoin has found robust support above $63,000 and remains steady above the 24.6% Fibonacci retracement level of the upward movement from the $58,405 low to the $63,700 high. Additionally, the short-term 9-day simple moving average (SMA) is positioned above the 21-day SMA, further signaling a bullish trend.
Should Bitcoin continue its upward trajectory, it may encounter resistance around the $63,850 level. If the bulls can push past this point, BTC could reach the first significant resistance near $64,200, followed by $66,500. A decisive break above the $66,500 resistance might trigger a sustained rally, potentially driving the price toward the $70,000 mark. In this scenario, Bitcoin could advance further to test the $71,300 resistance, with the possibility of gains extending to $72,000, thus setting new all-time highs.
However, Bitcoin’s relative strength index (RSI) is at 68, indicating it is approaching overbought territory. This suggests a potential trend reversal or price correction. If Bitcoin fails to break through the $63,500 resistance zone, it might undergo a downward correction. Immediate support is at the $62,400 level, with the first major support around $61,900, aligning with the 50% Fibonacci retracement level.
