Bitcoin's Momentum on the Rise: 200-Day Average Nears Record High and Price Surges

By: Eva Baxter

Bitcoin has been showing positive signals lately, with significant developments in its trend and pricing. The 200-day simple moving average, a widely tracked indicator of long-term trends, is nearing a new record high. This suggests an upswing in Bitcoin's long-term price trajectory. The short term gains are also noteworthy.

Bitcoin price recently grew, surpassing the $66,000 resistance zone. The price is currently holding firm above $65,500, indicating its resilience. Buyers appear to be stepping up near the $65,500 mark. Therefore, this price point has become an essential support base.

On the hourly chart of the BTC/USD pair, a key bullish trend is forming. There's a trend line support forming at $65,700, further bolstering Bitcoin's strength. If BTC can clearly move past the $68,500 resistance zone, we can expect a bullish continuation that could eventually bring the price to $70,000.

However, if Bitcoin can't break past the $67,000 resistance zone, it might start to correct downwards. In that case, the trend line support at $65,700 will be crucial. Should Bitcoin close below $65,500, a further drop to $65,000 or even the $64,200 support zone could be on the cards.