Bitcoin price is gaining momentum above the $62,000 resistance. BTC is signaling an upside break and might surge toward the $65,000 resistance.
- Bitcoin price is moving higher from the $61,200 support zone.
- The price is trading above $62,500 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $62,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could accelerate higher toward the $65,000 resistance or even $65,730.
Bitcoin Price Regains Strength
Bitcoin price remained well-bid above the $60,000 support zone. A base was formed, and the price started a fresh increase above the $62,000 resistance.
There was a break above a key bearish trend line with resistance at $62,300 on the hourly chart of the BTC/USD pair. The pair even cleared the 76.4% Fib retracement level of the downward move from the $63,583 swing high to the $60,108 low.
Bitcoin is now trading above $62,500 and the 100 hourly Simple moving average. Immediate resistance is near the $63,800 level. The next key resistance could be $64,500, above which the price could rise toward the $65,000 resistance zone.
Source: BTCUSD on TradingView.com
If the bulls remain in action, the price could even surpass $65,000 and test $65,500. Any more gains might send the price toward the 1.618 Fib extension level of the downward move from the $63,583 swing high to the $60,108 low at $65,730.
Are Dips Supported In BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $62,750 level.
The first major support is $62,250 or the 100 hourly SMA. If there is a close below $62,250, the price could start a decent pullback toward the $61,000 zone. Any more losses might send the price toward the $60,000 support zone.
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 – $62,750, followed by $62,250.
Major Resistance Levels – $63,800, $65,000, and $65,730.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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Author: Aayush Jindal
