bullish

Bitcoin

when

Higher

<ul> 
 <li>Bitcoin’s price surged over 5%, rising from a low of $58,893 to a high of $61,834.</li> 
 <li>Bitcoin’s volatility has reached 3.40%, surpassing the levels seen during its all-time high in March.</li> 
</ul> 
Bitcoin (BTC) has displayed a surge of approximately 5% within the past 24 hours, climbing from a low of $58,893 to a high of $61,834. This rise follows a <a href="https://thenewscrypto.com/what-does-this-recent-consolidated-dip-mean-to-bitcoin-btc/" target="_blank" rel="noreferrer noopener">period of consolidation</a>, with Bitcoin briefly nearing the $62,000 zone before experiencing a slight dip. At the time of writing, Bitcoin is trading at $60,756, with a market cap of $1.20 trillion and a daily trading volume that has increased by 31% to $35 billion. 
This upward movement occurs amid a less-than-expected U.S. jobs report for 2023 and early 2024, which briefly boosted Bitcoin’s price during mid-morning. 
<h3 class="wp-block-heading" id="h-current-bitcoin-price-trends-and-support-levels">Current Bitcoin Price Trends and Support Levels</h3> 
According to <a href="https://www.coinglass.com/currencies/BTC" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>, the derivatives market is showing bullish sentiment, with trading volume up by 23.58% to $68.45 billion and open interest increasing by 3.16% to $31.77 billion. These metrics suggest heightened market activity and speculation, potentially driving further price gains. 
Further, Bitcoin’s volatility has surged to levels not seen since its all-time high in March, reaching 3.40% on August 22. This surpasses the previous volatility peak of 3.05% recorded on March 14, when Bitcoin recorded its all-time high of $73,750. Despite volatility not being a direct bullish indicator, it suggests the potential for significant price movements beyond the current range. 
The increase in Bitcoin’s volatility could indicate a period of significant price movement. Historically, high volatility can lead to both sharp price increases and decreases.&nbsp; 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img decoding="async" width="1024" height="514" src="https://thenewscrypto.com/wp-content/uploads/2024/08/image-77-1024x514.png" alt="" class="wp-image-106191" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/image-77-1024x514.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-77-300x150.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-77-768x385.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/image-77.png 1296w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
According to the daily price chart, Bitcoin’s price encountered resistance above the 9-day EMA, which is currently below the price level. In this scenario, the price may continue to climb, potentially reaching higher levels, such as above $63,000. The 200-day EMA ($59,606) can act as a support level, and staying above it could indicate a strong uptrend. 
The <a href="https://thenewscrypto.com/bitcoin-btc-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price prediction</a> shows that BTC will rebound above the $65,000 and $70,000 resistance levels to maintain confidence in the uptrend. 
However, a potential sell-off could occur if the $65,000 support level fails to hold, which might lead to further declines to $56,500 or even $53,200 as the market seeks additional liquidity.

Is Bitcoin Price Going to Climb Higher to $65K?

Table of Contents

TheNewsCrypto

Other articles published on Aug 22, 2024

SunPump Surges Ahead of Pump.fun in Memecoin Race With $585,000 Revenue in a Day

Ethereum Price Drops, Polygon Surges, TAO Faces Breakout

GITEX Global 2024: World’s Largest Tech Event Announces GITEX Editions and All-New Show Highlights

Analyst Predicts Bitcoin Bull Run

XRP On-Chain Activity Surges: What It Means for Investors

Can Shiba Inu (SHIB) Keep Up the Pace?

Join our free newsletter for daily crypto updates!