Bitcoin is now up by nearly 5%, and the price has risen above $62,500. BTC now tests the resistance zone of $63,500 with a favorable angle.
- Bitcoin began a steady increase over the levels of $62,200 to $62,400.
- Above the 100-hour Simple moving average, and above the price of $62,500.
- On the hourly BTC/USD chart, there was a breakout above the major trendline with resistance of $61,000 (data from Kraken).
- It is possible that the pair will struggle to move higher than $63,650.
Bitcoin price starts to recover
Above the Bitcoin price, a strong base was formed. $60,000 zone. BTC has remained steady and is able to make a good start above the $61,500 zone resistance.
The hourly chart for the BTC/USD showed a breaking above a significant bearish trendline. This line had a resistance level of $61,000. Bulls were able pump up the price past the $62,500 barrier. Nearly 5% higher and nearing the $63,650 zone of resistance.
Bitcoin is currently trading at a price of $62,500. 100 hourly Simple moving average. This is a stable price and it’s well above the 23,6% Fib Retracement Level of the uptrend from the swing-low $59 949 to the 63,675 high.
Price could encounter resistance around the $63,650 mark if the increase continues. First, the key resistance lies near $64,000. First key resistance is near the $64,000 level. next Key resistance might be $64,400. If the $64,400 barrier is clearly breached, a gradual increase in price could be initiated.
Price could test $65,500 as a resistance in the case stated. BTC’s price could rise further and test the $66,000 level in the near future.
Do Dips Only Come In BTC?
Bitcoin could begin a correction to the downside if it fails to rise above $63,650. Support on the downside near $62,800 is immediate.
First major support at $61,800 is the Fib 50% retracement of the move up from $59,949 low swing to $63,675 high. The next Support is currently forming around $61,250, and near the Simple Moving Average of 100 hours. In the short term, any further losses could send the price towards the support zone of $60,500.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $62,800, followed by $61,800.
Major Resistance Levels – $63,650, and $64,400.
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Source: www.newsbtc.com