Bitcoin’s price has now recovered over the $60k resistance zone. BTC now struggles to break through the $61,200 and 61,500 resistance levels.
- Bitcoin began a wave of recovery above the resistance zone of $60,000
- Price is above $60,000. 100-hour Simple Moving Average.
- The hourly chart shows a break over a bearish line that connects to a resistance level of $59,000 on the BTC/USD (data feed by Kraken).
- A new increase could be attempted if the pair is able to settle above $61,500.
Bitcoin price gains momentum
The Bitcoin price has started to rise. decent upward move Above the $58,500 Resistance Zone. BTC has been able to overcome the $59500 and $60000 resistance levels.
On the hourly BTC/USD chart, there was a breakout above the connecting trendline with resistance of $59500. The price even spiked over the $61,500 mark. The price has corrected gains after a high at $61,555.
A move was made below $61,200 and 61,000. The price dropped below the level for the 23.6% Fib of the upswing from the $58,441 swing-low to the $61,555 peak.
Bitcoin is currently trading at a price of $60,000, and it’s gaining in popularity. 100 hourly Simple moving average. It’s also above the 50% Fib Retracement Level of the upward movement from the $58,441 low swing to the $61,555 High. The price may face some resistance at the $61,200 mark.
A clear move above the $61,500 resistance could send the price further higher in future sessions. The price could move higher in future sessions if the resistance level of $61,500 is broken. Price could rise further in the next session if it clears resistance at $61,500. next The key to resistance is $62,500.
It is important to note that the word “you” means “people”. next The major obstacle is $63,500. If the price closes above $63,500, it could spark further upsides. The price may rise to test the $65,000 barrier.
A Drop in BTC Prices?
Bitcoin could begin a new decline if it fails to break through the resistance level of $61,500. Support for the short-term is located near $60,000 and the 100 hourly Simple Moving average.
First, you will receive a major grant of $59650. The first major support is $59,650. next The support zone is close to $59150. Any further losses could send the price to the $58,500 zone of support or even lower, as soon as possible.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $60,000, followed by $59,650.
Major Resistance Levels – $61,200, and $61,500.
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Source: www.newsbtc.com