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

• Bitcoin’s price surged over 5%, rising from a low of $58,893 to a high of $61,834.
• Bitcoin’s volatility has reached 3.40%, surpassing the levels seen during its all-time high in March.

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 period of consolidation, 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.

Current Bitcoin Price Trends and Support Levels

According to Coinglass, 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. 

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 Bitcoin price prediction 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.