The price of Bitcoin rose further above $62,000. BTC is now consolidating gains and may soon attempt another upward move towards the $64,000 resistance.
- Bitcoin price is consolidating gains below the $60,000 resistance zone.
- The price is trading above $60,500 and the 100 hourly simple moving average.
- There is a connecting bullish trend line forming with support at $60,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its current rally towards the $64,000 resistance zone.
The price of Bitcoin exceeds $5,000
Bitcoin price remained strong above the $58,000 resistance zone. BTC formed a new support base and began another rally. It gained over 10% and cleared many hurdles near $60,000 and $62,000.
The price even rose towards the $64,000 level. A new multi-week high formed near $64,000 before a sharp decline occurred following the Coinbase outage. The price fell towards the $58,000 support zone. A low was formed near $57,919 and the price started a new rally.
It moved back above the $60,000 resistance. There was a move above the 50% Fib retracement level of the downside move from the $64,000 high to the $57,919 low.
Bitcoin is now trading above $60,000 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with the support at $60,950 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $62,500 level. It is near the 76.4% Fib retracement level of the downside move from the $64,000 high to the $57,919 low.
Source: BTCUSD on TradingView.com
The next key resistance could be $64,000, above which the price could rise towards the $65,000 resistance zone. If the bulls remain in action, the price could even surpass $65,000 and test $66,400. The main obstacle for them is visible near the $68,000 zone.
Are dips supported in BTC?
If Bitcoin fails to break out of the $62,500 resistance zone, a downside correction could begin. Immediate downside support is near the $60,800 level and the trend line.
The first major support is $60,000. If a close below $60,000 occurs, the price could begin a decent pullback towards the $58,000 zone. Any further losses could send the price towards the $56,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining ground in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels: $60,800, followed by $60,000.
Major resistance levels: $62,500, $64,000 and $65,000.
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