Bitcoin (BTC) Price Prediction: Can Bulls Sustain the Rally in July?

Bitcoin (BTC) has displayed a significant surge, gaining over $3,000 in the past 24 hours and climbing to a high of $63,787.

Bitcoin (BTC) Surges Over $3K, Resistance Levels in Sight

Bitcoin (BTC) price shows a significant surge on Monday, June 27, 2022, gaining over $3,000 in the past 24 hours and climbing to a high of $63,787. This surge comes as the weekend ends with higher trading volume and activity in the new week.

After a strong start to the second quarter, BTC price faced resistance at $63,500 on June 20. However, the bears pushed the price down to the crucial support of $57,000 on June 24. After a brief period of consolidation, BTC price surged past the 63,500 resistance on Monday morning アジア時間.

Now, Bitcoin price seems to be setting up for a bullish trend as it recovers from a major bearish trend line. Notably, BTC price signaled a positive trend despite a temporary breach of a major bearish trend line at $57,000 on June 24, where it hit the bottom of its price range for the second time in nearly four months.

Bitcoin Price Analysis: 4 Hour Chart

The 4-hour chart of BTC/USD shows the cryptocurrency price found crucial support above the 63,000 level. It also remained above the 24.6% Fib retracement level of the upward move from the 58,405 swing low to the 63,700 high.

Moreover, Bitcoin short-term 9 days simple moving average (SMA) is positioned above the 21 days SMA, indicating a bullish trend.

if BTC continues the uptrend, the price could face resistance near the 63,850 level. This will enable the bulls to push BTC to the first key resistance at 64,200, followed by 66,500. A clear move above the 66,500 resistance might trigger a steady rally and send the price toward the 70,000 zone.

In this scenario, the price might advance more to test the 71,300 resistance. There is a possibility for further gains toward 72,000, setting new all-time highs.

On the downside, the relative strength index (RSI) of Bitcoin is at 68, suggesting it is nearing overbought territory. This state indicates a possible trend reversal or a price correction.

In that case, if Bitcoin fails to surpass the 63,500 resistance zone, it may face a downside correction. Immediate support on the lower end is at the 62,400 level, with the first major support around 61,900, aligning with the 50% Fibonacci retracement level.

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