Bitcoin Price Prediction: BTC $63,000 Surge; Is $65,000 on the Radar?

Bitcoin bitcoin news
Last updated:
Crypto Writer
Crypto Writer
Arslan Butt
Author Categories
About Author

Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews
Bitcoin Price Prediction
Bitcoin Price Prediction

Bitcoin price recently surpassed $63,000, showing a slight rebound from previous losses, despite a prevailing negative sentiment toward cryptocurrencies. Most of the support in Bitcoin came amid the weakening U.S. dollar, which dipped about 0.2% on Monday.

However, the markets are cautious, especially with the impending major payout event involving the defunct exchange Mt Gox. Starting in early July, Mt Gox will begin distributing Bitcoin stolen in a 2014 hack.

Traders are concerned that recipients might sell the tokens, potentially triggering a sell-off due to the dramatic increase in Bitcoin’s value over the years. This fear contributed to Bitcoin’s steep losses in late June, compounded by two consecutive weeks of outflows from crypto investment products.

Altcoin Resurgence and Federal Rate Speculations


In contrast to Bitcoin, altcoin prices saw gains on Monday as they recouped some of the severe losses experienced in June.

  • Ethereum, the second-largest cryptocurrency, increased by over 2.5% to $3,475, buoyed by speculation that the SEC might approve an Ether-based ETF soon.
  • Other altcoins such as Solana (SOL), Ripple (XRP), and Cardano (ADA) also enjoyed gains between 1.5% and 4.5%, albeit on low trading volumes.
  • Even meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) rose over 2% and 1%, respectively.

Nonetheless, the overall sentiment in the crypto market remains wary ahead of upcoming U.S. economic data and insights into interest rate adjustments.

This week is particularly crucial with Federal Reserve Chair Jerome Powell scheduled to speak and the release of the Fed’s June meeting minutes and nonfarm payroll data, which could provide further direction on interest rates.

Traders are increasingly betting on a potential rate cut by the Fed in September, which has also lent some support to the cryptocurrency market.

Bitcoin Price Prediction

Bitcoin‘s price has seen a modest increase, currently trading at $63,083, marking a 0.44% rise. As we examine the 4-hour chart, the pivotal point is set at $62,755. Bitcoin faces immediate resistance at $63,881, with subsequent barriers at $64,735 and $65,589.

Support levels are critical to monitor, with immediate support at $61,829. Further support is found at $60,695 and $59,901, areas that could stabilize price dips.

Bitcoin Price Prediction - Source: Tradingview
Bitcoin Price Prediction – Source: Tradingview

Technical indicators offer a bullish signal with the Relative Strength Index (RSI) at 60, suggesting a healthy upward momentum. The 50-day Exponential Moving Average (EMA) stands at $62,140, reinforcing the trend above the pivot point.

Should Bitcoin break below $62,755, however, it could trigger a significant selling trend, indicating a shift in market sentiment.

More Articles

Blockchain News
Crypto Custodian BitGo Eyes IPO in H2 as Regulatory Support Strengthens: Report
Tanzeel Akhtar
Tanzeel Akhtar
2025-02-11 23:30:45
Altcoin News
Toyota to Issue First Blockchain-powered Security Token Bonds
Tim Alper
Tim Alper
2025-02-11 23:30:00
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors