Key Highlights
- Bitcoin price gained over 15% in the past few days.
- BTC is trading above a connecting bullish trend line with support at $61,500 on the 4-hour chart.
- Oil prices corrected losses and climbed above the $71.20 resistance.
- Gold surged to a new all-time high above $2,630.
Bitcoin Price Technical Analysis
Bitcoin price started a decent upward move above the $60,000 pivot zone. BTC/USD climbed above the $62,500 resistance to move into a positive zone.
Looking at the 4-hour chart, the price settled above the 200 simple moving average (green, 4 hours) and the 100 simple moving average (red, 4 hours). It even spiked above $64,000 before it faced resistance.
The price is now consolidating gains below $64,200. Immediate support is near the $62,500 level. The next key support sits at $62,000. There is also a connecting bullish trend line with support at $61,500 on the same chart.
The trend line is close to the 50% Fib retracement level of the upward move from the $59,330 swing low to the $64,200 swing high. A downside break below $61,500 might send Bitcoin toward the $60,000 support. Any more losses might send the price toward the $58,500 support zone.
On the upside, the price could face resistance near the $64,200 level. The next key resistance is at $65,000. A successful close above $65,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $66,500 level.
Looking at gold, the price extended gains above the $2,600 level and traded to a new all-time high above the $2,630 level.
Today’s Economic Releases
- US House Price Index for July 2024 (MoM) – Forecast +0.2%, versus +0.8% previous.
- S&P/Case-Shiller Home Price Indices for July 2024 (YoY) – Forecast +5.8%, versus +6.5% previous.
