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Bitcoin price prediction: BTC surged by 4% in the past 24 hours, following an extended period of consolidation just below the $60,000 mark. This sudden move saw Bitcoin breach the $62,000 resistance, pushing the current price to around $64,350. As other cryptocurrencies rally in response, the entire crypto market is up by 4.4%. With Bitcoin’s bullish trend intact, the question now is whether BTC can sustain this momentum and reach higher targets.
Bitcoin Price Jumps 4% After Extended Consolidation
After weeks of consolidation right below the $60,000 level, Bitcoin finally made a decisive move, jumping by 4% in the past 24 hours. This breakout ended a prolonged period of sideways trading, where BTC was testing the patience of investors. The sudden surge has reinvigorated the market, with Bitcoin leading the charge as it breaks through key resistance levels.
BTC/USD 2-hours chart - TradingView
Bitcoin Breached the $62,000 Resistance to Reach $64,350
Bitcoin’s recent rally saw it breach the important $62,000 resistance level, marking a significant technical achievement. This move propelled BTC to a current price of around $64,350, a level not seen since its previous highs. The breach of $62,000 is crucial, as it clears the way for Bitcoin to aim for higher targets, indicating strong buying interest and renewed bullish momentum.
Other Cryptos Follow Bitcoin as the Entire Crypto Market Gains 4.4%
Bitcoin’s impressive performance has had a ripple effect across the broader cryptocurrency market. As BTC surged, other cryptocurrencies followed suit, contributing to an overall market gain of 4.4%. This widespread rally underscores Bitcoin’s influence as the leading cryptocurrency and suggests that the bullish sentiment is not isolated to BTC but is permeating throughout the market.
Total crypto market cap in USD - TradingView
Bitcoin Price Prediction: Holding Above $63,500 Signals Continued Bullishness
Looking ahead, the key to Bitcoin’s continued bullish trend lies in its ability to stay above the $63,500 price mark. If BTC can maintain this level, it is expected to remain bullish, with the potential for further gains. This price point is seen as a crucial support level that, if held, could pave the way for Bitcoin to continue its upward trajectory.
Upper Targets for Bitcoin: $66,000, $68,000, and $70,000 Resistance
With Bitcoin’s bullish momentum showing no signs of slowing down, the next targets to watch are $66,000, $68,000, and $70,000. The $70,000 level, in particular, is seen as a strong resistance point that could pose a challenge for BTC. However, if Bitcoin can break through this barrier, it could set the stage for even higher highs. These targets represent critical milestones in Bitcoin’s current bull run, and reaching them could further solidify its market dominance.
BTC/USD 1-day chart - TradingView