Bitcoin price quickly cleared the $61,500 resistance. BTC even broke above the $63,300 level and is now consolidating gains above $62,500.
- Bitcoin is gaining momentum above the $62,200 resistance zone.
- The price is trading above $62,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair, a major bullish trend line is forming with support at $61,500 (data feed from Kraken).
- The pair could continue to rise if it remains above the $61,500 support zone.
Bitcoin Price Increases Profit Above $63,000
Bitcoin prices continued to rise above the $60,500 level. BTC was able to overcome the resistance levels at $61,200 and $61,500 and move into positive territory.
The bulls pushed the price above the $62,500 and $63,000 levels. The high was formed at $63,840, and the price is now consolidating growth. There was a movement below the $63,500 level. The price fell and tested the 23.6% Fibonacci retracement level in an upward move from a swing low of $59,165 to a swing high of $63,840.
Bitcoin is currently trading above $62,500 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair is also forming a major bullish trend line with support at $61,500.
On the downside, the price may face resistance near the $63,500 level. The first key resistance is near the $63,800 level. A clear move above the $68,400 resistance could lead to higher prices. The next key resistance could be $64,500. A close above the $64,500 resistance could trigger further gains. In this case, the price may rise and test the resistance at $65,000.
Are failures limited in BTC?
If Bitcoin fails to rise above the $63,500 resistance zone, it could begin a downward correction. The immediate downside support is near the $62,700 level.
The first major support is $61,500 and the trend line. The next support now lies near the $61,000 zone or the 61.8% Fibonacci retracement level of the upside move from the $59,165 swing low to $63,840 high. Any further losses could push the price towards the $60,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels are US$62,700, followed by US$61,500.
The main resistance levels are $63,500 and $63,800.
