Bitcoin price started a strong rise and broke through the resistance level of $62,000. BTC shows positive signs and may rise to the level of $63,200.
- Bitcoin has gained bullish momentum above the $60,500 resistance zone.
- The price is trading above $61,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a key bullish trend line forming with support at $61,000.
- The pair may continue to rise if it breaks the $62,500 support level.
Bitcoin Price Recovers
Bitcoin price started a decent rise above the resistance levels of $59,500 and $60,000. BTC even broke the resistance of $60,500, moving into the positive zone. This caused a strong rise, and the price rose above the $62,000 level.
It even tested the $62,500 level. The high was formed at $62,493 and the price is now consolidating the gains. It is trading well above the 23.6% Fibonacci retracement level of the upward move from the swing low of $56,593 to the high of $62,493.
Bitcoin price is currently trading above $61,500 and the 100-hour 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 around $62,500. The first key resistance is around $62,800. A clear break above the $62,800 resistance could set up a decent rally in the coming sessions. The next key resistance could be $63,200.
The next major hurdle is at $63,500. A close above the $63,500 resistance could start a sustained rally and push the price higher. In this case, the price could rise and test the $65,000 resistance.
Are BTC dips supported?
If Bitcoin fails to rise above the $62,500 resistance zone, it may start a downward correction. The 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 around $60,000. Any further losses could send the price towards the $59,500 support zone in the near future.
Technical indicators:
Hourly MACD – MACD is currently gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
The main support levels are $61,500, then $61,000.
The main resistance levels are $62,500 and $63,500.