Bitcoin is testing resistance at $63,000, with a breakout potentially targeting $95,000 to $110,000 in the coming months.
A breakdown below the $55,500 support level could signal a bearish move, pushing Bitcoin’s price below $50,000.
Bitcoin’s "golden cross" signal on the 4-hour chart hints at bullish momentum, but resistance at $64,295 remains a key hurdle.
Bitcoin's price action has entered a crucial consolidation phase, hovering between vital support and resistance levels. Recently a rising wedge pattern is forming and it could dictate the next major move for the digital asset. With Bitcoin trading just below its key resistance, a sharp breakout may soon follow, provided certain price ranges are crossed.
Rising Wedge Pattern: A Crucial Setup
A rising wedge has formed on Bitcoin's weekly chart, showing the price trapped between upward-sloping support and resistance lines. The resistance level currently sits near $63,000, where the price has repeatedly faced rejection.
Source: EtherNasyonaL
On the flip side, Bitcoin is finding critical support at approximately $55,500. As the consolidation phase narrows, the price hovers between these two levels, waiting for a breakout.
The price is approaching the upper resistance line of the wedge, which has remained unbroken despite several attempts since June 2023. However, the support line has held firm since mid-2022, highlighting its importance as a potential make-or-break level for Bitcoin’s movement.
Key Support and Resistance Levels in Focus
A breakout above the $63,000 resistance would confirm a bullish continuation, possibly pushing the price toward the $95,000–$110,000 range. A failure to break through this zone, however, may lead to a pullback to around $55,500.
Furthermore, technical indicators hint at potential bullish momentum. A dotted arrow on the chart suggests that an upside breakout could trigger this rally. Conversely, a breakdown below the $55,500 support might accelerate bearish pressure, sending Bitcoin below $50,000.
Short-Term Signals and EMA Indicators
On the 4-hour timeframe, Bitcoin is trading above key moving averages, notably the 50-period and 200-period EMAs. This setup creates a "golden cross," a bullish signal that further strengthens the case for an upward move. With Bitcoin trading at $63,930, just under a key resistance level, the short-term outlook remains cautiously bullish.
Source: BingX
The RSI currently sits at 62.55, suggesting room for further upside before hitting overbought territory. A break above the $64,295 resistance would likely attract more buyers, propelling Bitcoin toward new heights.
