Bitcoin price started to rise strongly and broke the resistance level of $62,000. Bitcoin is showing positive signs and may rise towards the level of $63,200.
- Bitcoin gained bullish momentum above the $60,500 resistance area.
- The price is trading above the $61,500 level and the 100-hour simple moving average.
- A major bullish trend line is forming with support at $61,000 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may continue moving upwards if it manages to break the $62,500 support level.
Bitcoin price regains strength
Bitcoin price started a decent rise above the $59,500 and $60,000 resistance levels. Bitcoin even surpassed the $60,500 resistance level to move into a positive zone. This led to a strong increase and the price rose above the $62,000 level.
The price has tested the $62,500 level. A high has been formed at $62,493 and now the price is consolidating its gains. It is trading well above the 23.6% Fib retracement level of the upside move from the $56,593 low to $62,493 high.
Bitcoin price is now trading above the $61,500 level and the 100-hour simple moving average. A major bullish trend line is forming with support at $61,000 on the hourly chart of the BTC/USD pair.
An immediate resistance on the upside is near the $62,500 level. The first major resistance is near the $62,800 level. A clear move above the $62,800 resistance could start a decent rally in the coming sessions. The next major resistance could be at the $63,200 level.
The next major hurdle lies at the $63,500 level. A close above the $63,500 resistance level could start a steady rise and send the price higher. In the mentioned case, the price could rally and test the $65,000 resistance level.
Are dips supported in BTC?
If Bitcoin fails to rise above the resistance area at $62,500, 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 area. The next support is now near $60,000. Any further losses could push the price towards the $59,500 support area in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $61,500, followed by $61,000.
Key resistance levels – $62,500, $63,500.
