Bitcoin Price Signals Uptrend Continuation But Patience Is The Key

May 7, 2024 04:00 am Cryptocurrency 351

Bitcoin price extended its increase above the $64,000 resistance. BTC is now holding gains above $62,800 and might aim for more upsides.

Bitcoin traded to a new weekly high at $65,500 before there was a downside correction.

The price is trading above $63,500 and the 100 hourly Simple moving average.

There is a key bullish trend line forming with support at $63,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could aim for more upsides if it clears the $64,500 and $65,500 resistance levels.

Bitcoin Price Aims Higher

Bitcoin price remained well-bid above the $62,500 support zone and extended its increase. BTC was able to clear the $64,500 resistance. It even cleared $65,000 and tested $65,500.

A high was formed at $65,550 and the price is now correcting gains. There was a minor decline below the $64,000 level. The price tested the 23.6% Fib retracement level of the upward move from the $56,380 swing ..

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