Bitcoin (BTC) Shoots 5% Rally, a Sign of Rebound?

• Bitcoin (BTC) soared around 5.08% from the low of $60,630 to the high of $63,712.
• The daily trading volume of BTC stands at $21.53 billion, an 82% increase in the last 24 hours.

Bitcoin (BTC) has displayed a significant surge, gaining over $3,000 in the past 24 hours and climbing to a high of $63,787. This increase comes as the weekend ends with higher trading volume and activity in the new week.

The price of Bitcoin has stabilized above the $63,000 mark, setting up a foundation that activated a notable rise to the past $63,500 resistance level. Further, Bitcoin signals 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.

At the time of writing, Bitcoin is up nearly 4.17% and trading near the $63,440 resistance zone.

Can Bitcoin Sustain Bullish Trend in July?

On the BTC/USD hourly chart, the cryptocurrency found solid support above $63,000. Also, it remains stable above the 24.6% Fib retracement level of the upward move from the $58,405 swing low to the $63,700 high.

Additionally, Bitcoin’s short-term 9-day simple moving average (SMA) stands above the 21-day SMA, indicating a bullish trend.

If BTC continues the uptrend, the price could face resistance near the $63,850 level. This will allow the bulls to push BTC to the first key resistance near $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, clearly establishing new all-time highs.

Conversely, the relative strength index (RSI) of Bitcoin stands at 68, suggesting it is nearing overbought territory. The 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.