Bitcoin has risen more than 5% in the past 24 hours, reaching a new high above $64,000 yesterday. The leading cryptocurrency could rally further in the coming hours and break through the $65,000 mark as the market prepares for Coinbase’s IPO later today.
The BTC/USD pair managed to break through the key resistance area of $61.120 yesterday and has spent the last few days around $60. This allowed the bulls to continue pushing higher, and BTC saw further gains above the $62,000 resistance point.
Bitcoin had an extended rally, surpassing $63,000 and setting a new all-time high at $64,889. The BTC/USD pair has retreated slightly and now trades just below $64,500 on most cryptocurrency exchanges.
BTC Price Forecast
Bitcoin is aiming for a new high above $65k as the cryptocurrency market prepares for Coinbase’s listing on the NASDAQ exchange later today. A look at the 4-hour chart of BTC/USD shows that it has found support at $62.944. This allowed it to recover from a small drop a few hours ago and climb to its current price of $64,492.
If the rally continues, BTC could break through $65,000 and test resistance above $66,000 for an eventual pullback. Coinbase’s IPO today is expected to generate a lot of interest in the cryptocurrency market, with most of the attention focused on bitcoin.
Renowned cryptocurrency trader and investor Scott Melker predicted on Twitter that the price of bitcoin would soon reach the $75,000 mark.
4 hour chart of BTC/USD. Source: Coincide
If the leading cryptocurrency can capture the attention of retail and institutional investors, it could surpass $65,000 and set a new all-time record. But failure to break the $65,000 barrier could lead to a drop below $63,000. BTC has strong support at $62,944 and $61,120. If the bears can get it down, BTC/USD could head back towards $60,000.
Currently, all technical indicators for bitcoin are bullish. The RSI at 78.01 is in the overbought (OB) zone, while the MACD is gaining ground in the bullish zone.
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