Bitcoin surges to a two-week high on Monday

BTCUSD surged nearly 5% in early Monday trading, breaking above the $63K barrier for the first time in two weeks. The fresh rally extends into its third consecutive day, accelerating higher after the weekend’s assassination attempt boosted hopes for Trump’s victory and increased demand for Bitcoin.

A strong bullish signal was generated on Sunday when BTCUSD broke and closed above key barriers at $59,073 and $60,000 (200-day moving average / psychological level), with an extension above the 50% retracement of $71,929/$53,142 (at $62,535) confirming the signal.

Daily technical studies are improving, with the 14-day momentum heading north and attempting to break into positive territory, and a golden cross forming between the 5-day and 200-day moving averages.

Bulls are pressuring the immediate target at $63,773 (July 1 lower top) but may face increased resistance approaching the base of the thick daily cloud at $64,180.

Shallow dips, given the persisting favorable fundamentals, should offer better buying opportunities for a push into the daily cloud and an extension toward the next targets at $64,393 and $64,752 (converged 55-day and 100-day moving averages / 61.8% Fibonacci retracement).

Extended dips should be contained above the broken 38.2% Fibonacci level ($60,319) to keep bulls in play, while a return and close below $60,000 would be bearish.

Res: 63773; 64180; 64752; 65000
Sup: 62000; 61063; 60319; 60000