Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price started a strong increase and broke the $62,000 resistance level. BTC is showing positive signs and might rise toward the $63,200 level.
- Bitcoin gained bullish momentum above the $60,500 resistance zone.
- The price is trading above $61,500 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support at $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move up if it breaks the $62,500 support.
Bitcoin Price Regains Strength
Bitcoin price started a decent increase above the $59,500 and $60,000 resistance levels. BTC even cleared the $60,500 resistance to move into a positive zone. It sparked a strong increase and the price climbed above the $62,000 level.
It even tested the $62,500 level. A high was formed at $62,493 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $56,593 swing low to the $62,493 high.
Bitcoin price is now trading above $61,500 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $61,000 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $62,500 level. The first key resistance is near the $62,800 level. A clear move above the $62,800 resistance might start a decent increase in the coming sessions. The next key resistance could be $63,200.
The next major hurdle sits at $63,500. A close above the $63,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $65,000 resistance.
Are Dips Supported In BTC?
If Bitcoin fails to climb above the $62,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $61,500 level.
The first major support is $61,000 and the trend line zone. The next support is now near $60,000. Any more losses might send the price toward the $59,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,500, followed by $61,000.
Major Resistance Levels – $62,500, and $63,500.
