Bitcoin’s (BTC) price has climbed to $63,000, bolstered by heightened market activity and dramatic news, including a failed assassination attempt on former President Donald Trump. This event has added fuel to the cryptocurrency’s upward momentum.

On Monday, Bitcoin’s price increased by 5.85%, rising from a low of $59,546 to a high of $63,025, according to CoinMarketCap data. This surge marks Bitcoin’s highest point in two weeks and contributes to a 4.16% increase in the global crypto market cap, now at $2.30 trillion. Over the past week, Bitcoin has displayed a significant 13.82% increase.

Breaking Resistance Levels

The price rally began as Bitcoin broke through key resistance levels at $60,500 and $62,000. This breakthrough pushed BTC past $62,500, entering a positive trend zone. The momentum carried the price above $63,000 before consolidating its gains. Currently, Bitcoin is trading at $62,982 with a daily trading volume of $25.33 billion, an increase of over 22% in the past 24 hours.

Bitcoin Technical Analysis

Technically, Bitcoin is performing well above the 23.6% Fibonacci retracement level, from the recent low of $56,514 to the high of $63,025. It remains above the 100-hourly simple moving average (SMA), indicating a strong bullish trend. A key bullish trend line with resistance around $63,500 is forming on the BTC/USD hourly chart.

According to BTC price predictions, if the cryptocurrency continues its rally, the immediate resistance level will be at $63,250, with significant resistance near $63,850. A decisive move above $63,850 could trigger further gains, potentially testing the $65,000 resistance level. Furthermore, the relative strength index (RSI) is overbought at 79.24, suggesting strong buying pressure.

On the downside, a correction could occur if Bitcoin fails to surpass the $63,000 resistance. Initial support is at $62,500, followed by more substantial support at $62,200 and the trend line zone. Further declines could see Bitcoin testing support around $61,550 and $60,500.