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Bitcoin Price Restarts Bullish Surge: Is The Next Peak Near?

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Aayush Jindal

Key Highlights

  • Bitcoin price started a fresh surge after it cleared the $65,000 resistance zone.
  • BTC surpassed a major bearish trend line with resistance at $63,200 on the 4-hour chart.
  • Gold prices rallied further and traded above the $2,675 resistance.
  • EUR/USD is consolidating losses above the 1.0850 zone.

Bitcoin Price Technical Analysis

Bitcoin price started a fresh increase above the $62,500 resistance zone. BTC/USD climbed the $64,000 and $65,000 levels to move into a positive zone.

Looking at the 4-hour chart, the price surpassed a major bearish trend line with resistance at $63,200. It settled above the $65,000 level, the 200 simple moving average (green, 4 hours), and the 100 simple moving average (red, 4 hours).

The increase was such that the price soared above the $67,500 level. It even spiked above $68,000 before the bears appeared. The price is now consolidating gains. Immediate support is near the $66,800 level.

The next key support sits at $66,400. A downside break below $66,400 might send Bitcoin toward the $64,500 support. Any more losses might send the price toward the $63,500 support zone.

On the upside, the price could face resistance near the $68,500 level. The next key resistance is at $69,200. A successful close above $69,200 might start another steady increase. In the stated case, the price may perhaps rise toward the $71,500 level or even a new all-time high.

Looking at EUR/USD, the pair saw a lot of bearish moves and recently started a consolidation phase above the 1.0850 support.

Today’s Economic Releases

  • US Initial Jobless Claims - Forecast 258K, versus 258K previous.
  • US Retail Sales for Sep 2024 (MoM) – Forecast +0.3%, versus +0.1% previous.
  • US Industrial Production for Sep 2024 (MoM) – Forecast -0.2%, versus +0.8% previous.
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