Bitcoin is gaining pace above the $60,000 zone against the US Dollar. BTC could accelerate higher towards the $65,000 resistance zone in the near term.
- Bitcoin started a fresh increase and it broke the $60,000 level.
- The price is now trading above $62,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue higher towards the $63,500 level in the near term.
Bitcoin Price Gains Momentum
Bitcoin price settled above the $60,000 zone to move further into a bullish territory. BTC even broke the $61,500 and $62,000 resistance levels.
A high was formed near the $62,887. Recently, there was a minor downside correction below the $62,000 pivot zone. The price declined below the $60,000 support level and the 100 hourly simple moving average.
However, downsides were limited below the $58,800 level. A low was formed near $58,888 before the price started a fresh increase. There was a clear break above the $60,000 level and the 100 hourly SMA. The price surpassed the 50% Fib retracement level of the downside correction from the $62,887 swing high to $58,888 low.
There was also a break above a major bearish trend line with resistance near $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above the 76.5% Fib retracement level of the downside correction from the $62,887 swing high to $58,888 low.
Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $62,500 level. The first key resistance is near the $62,850 level. A clear break above the $62,850 resistance could open the doors for more upsides. The next major resistance sits near the $63,500 level, above which the price might surge towards the $65,000 level in the near term.
Dips Limited In BTC?
If bitcoin fails to clear the $62,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $61,200 level.
The first major support is now forming near the $60,000 level (the recent breakout zone) and the 100 hourly SMA. A downside break below the $60,000 level could spark a larger correction.
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 – $61,200, followed by $60,000.
Major Resistance Levels – $62,500, $62,850 and $63,500.
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Author: Aayush Jindal