Bitcoin Surges Past $65,000 shows Potential for Record Highs

Bitcoin (BTC) price surpassed $65,000 ($65,520), and it is currently trading around 7% below its all-time high set in November 2021.

With a recent increase, the price of Bitcoin (BTC) surpassed $65,000 ($65,520), and it is currently trading around 7% below its all-time high set in November 2021. The study indicates that Bitcoin is pointing to a breakthrough and possible upward movement toward the $70,000 range, as it is currently showing an upward momentum above the $62,000 barrier.

Following last week’s spike, Bitcoin price has remained above the $60,000 support zone, setting the stage for a potential rally again. Then a rising trend emerged, eventually breaking through the $62,000 level of resistance.

Notably, the hourly chart of the BTC/USD pair shows that there was a break over a crucial negative trend line, with resistance at $62,300. After falling from a high of $63,583 to a low of $60,108, the pair has broken through the 76.4% Fibonacci retracement line.

At the moment, Bitcoin’s price is hovering over $65,000, as well as the 100-hourly Simple Moving Average (SMA). The $63,800 level is where you’ll find the nearest resistance, and $66,500 may be the level beyond that. If this level is surpassed, it might signal the beginning of a push for the $70,000 resistance zone.

The price might go above $66,000 if the positive momentum continues. If prices continue to rise, they may reach $65,730, which is close to the 1.618 Fibonacci extension level, which was formed by a decline from the $63,583 swing high and the $60,108 low.

A possible negative correction could occur if Bitcoin has trouble breaking through the $64,000 barrier zone. Near the $62,750 mark, you can find immediate downside support. At $62,250, which is indicated by the 100-hourly Simple Moving Average (SMA), there is initial substantial support.

A significant retracement towards the $61,000 area might be initiated by a closure below $62,250. The price can reach the $60,000 support area if losses continue.

Bitcoin Price Is About to Reach Record Highs

Latest price movement coincides with a daily open interest for Bitcoin futures on centralized exchanges (CEX) reaching a record high of $27.53 billion, according to data from Coinglass. This open interest is a measure of the total value of all outstanding Bitcoin futures contracts across CEXs.

Additionally, spot Bitcoin exchange-traded funds (ETFs) have seen a significant increase in assets under management, with financial firm BlackRock’s IBIT exceeding $10 billion last week. On top of that, the market cap-heavy cryptocurrency is getting close to its April 18th halving event.

The asset is likely to potentially reach its all-time high in the near future, thanks to institutional buying demand, previous gains related with Bitcoin’s halving event, and the existing bullish atmosphere.