Bitcoin Breaks Key Resistance, Why BTC Could Extend Rally

Bitcoin

Bitcoin gained pace above the $63,000 resistance against the US Dollar. BTC is rising and it may soon clear the $65,000 resistance in the near term.

Bitcoin is showing positive signs above the $61,000 and $62,500 levels.
The price is now trading above $62,500 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend rally and it might even clear the $65,000 level in the near term.

Bitcoin Price Eyes More Upsides
Bitcoin price started a major increase above the $62,000 resistance zone. BTC broke the key $63,000 resistance zone and settled above the 100 hourly simple moving average.
It even spiked above the $63,500 resistance and traded to a new multi-week high at $64,448. It is currently correcting lower and trading below the $64,000 level. An immediate support is near the $63,700 level. It is near the 23.6% Fib retracement level of the upward move from the $61,320 swing low to $64,448 high.
There is also a key bullish trend line forming with support near $62,800 on the hourly chart of the BTC/USD pair. On the upside, an initial resistance is near the $64,000 level. The first key resistance is near the $64,250 level.

Source: BTCUSD on TradingView.com
A clear break above the $64,250 resistance could open the doors for more upsides. The next major resistance sits near the $65,000 level, above which the price might rise towards the $66,500 level. Any more gains could set the pace for a larger increase towards the $68,000 level.
Dips Limited In BTC?
If bitcoin fails to clear the $64,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $63,700 level.
The first major support is now forming near the $62,850 level. It is near the 50% Fib retracement level of the upward move from the $61,320 swing low to $64,448 high. The main support is near the trend line, below which the price might decline towards the $61,000 support and the 100 hourly SMA.
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 still above the 50 level.
Major Support Levels – $61,850, followed by $62,500.
Major Resistance Levels – $64,200, $65,500 and $66,500.

bitcoin
Bitcoin (BTC) $ 66,257.75
ethereum
Ethereum (ETH) $ 3,604.98
tether
Tether (USDT) $ 0.999676
bnb
BNB (BNB) $ 605.76
solana
Solana (SOL) $ 139.88
staked-ether
Lido Staked Ether (STETH) $ 3,605.48
usd-coin
USDC (USDC) $ 0.999442
xrp
XRP (XRP) $ 0.500329
dogecoin
Dogecoin (DOGE) $ 0.127458
the-open-network
Toncoin (TON) $ 7.24
cardano
Cardano (ADA) $ 0.394729
avalanche-2
Avalanche (AVAX) $ 28.58
shiba-inu
Shiba Inu (SHIB) $ 0.000019
tron
TRON (TRX) $ 0.116694
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,282.76
chainlink
Chainlink (LINK) $ 14.69
polkadot
Polkadot (DOT) $ 5.93
bitcoin-cash
Bitcoin Cash (BCH) $ 398.28
uniswap
Uniswap (UNI) $ 10.20
near
NEAR Protocol (NEAR) $ 5.42
wrapped-eeth
Wrapped eETH (WEETH) $ 3,750.49
litecoin
Litecoin (LTC) $ 75.22
matic-network
Polygon (MATIC) $ 0.593118
leo-token
LEO Token (LEO) $ 5.70
dai
Dai (DAI) $ 0.999448
pepe
Pepe (PEPE) $ 0.000012
fetch-ai
Fetch.ai (FET) $ 1.65
internet-computer
Internet Computer (ICP) $ 8.69
ethereum-classic
Ethereum Classic (ETC) $ 24.69
kaspa
Kaspa (KAS) $ 0.150709
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,601.52
ethena-usde
Ethena USDe (USDE) $ 0.999733
aptos
Aptos (APT) $ 7.09
render-token
Render (RNDR) $ 8.19
monero
Monero (XMR) $ 168.78
hedera-hashgraph
Hedera (HBAR) $ 0.084402
stellar
Stellar (XLM) $ 0.095250
cosmos
Cosmos Hub (ATOM) $ 7.06
mantle
Mantle (MNT) $ 0.845584
arbitrum
Arbitrum (ARB) $ 0.842491
filecoin
Filecoin (FIL) $ 4.58
okb
OKB (OKB) $ 43.19
crypto-com-chain
Cronos (CRO) $ 0.095333
blockstack
Stacks (STX) $ 1.74
immutable-x
Immutable (IMX) $ 1.64
first-digital-usd
First Digital USD (FDUSD) $ 1.00
maker
Maker (MKR) $ 2,463.98
injective-protocol
Injective (INJ) $ 22.80
optimism
Optimism (OP) $ 1.99
vechain
VeChain (VET) $ 0.027400