Bitcoin price has seen a move above $58,000 and $60,000. BTC is up more than 10% and is signaling further gains in the short term.
- Bitcoin showed significant upside above the $56,500 and $58,250 levels.
- The price is trading above $60,000 and the 100 hourly simple moving average.
- The hourly chart of the BTC/USD pair (data provided by Kraken) shows a bullish trend line forming with support at $60,000.
- The pair is likely to see further upside above the $62,500 resistance zone.
Bitcoin price could extend upward trend
Bitcoin price started a decent uptrend above the $55,500 resistance level. BTC was able to move into positive territory by breaking through the $56,500 and $58,250 resistance levels.
The bulls even pumped the price above the $60,000 resistance level. The price has risen more than 10% and the recent high was formed at $62,700. The price is currently consolidating gains near the 23.6% Fibonacci correction level of the upward move from the $54,556 swing low to the $62,700 high.
Bitcoin price is currently trading above $60,000 and the 100-hourly simple moving average. There is also a bullish trend line forming that connects with the $60,000 support level on the hourly chart of the BTC/USD pair.
In the uptrend, the price may face resistance near the $62,000 level. The first major resistance is near the $62,500 level. If the $62,500 resistance is clearly surpassed, the price may move higher in the coming session. The next major resistance may be $63,500.
The next major hurdle is at $65,000. A close above the $65,000 resistance level could trigger a bullish move. If so, the price could rise and test the $67,000 resistance level.
Is BTC’s decline limited?
If Bitcoin fails to break above the $62,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $60,700 level.
The first major support is at $60,000 and the trend line. The next support is now near $57,750 or the 61.8% Fibonacci retracement level of the upward move from the $54,556 swing low to the $62,700 high. If there is further loss, the price could move towards the $55,000 support area in the short term.
Technical indicators:
Hourly MACD – MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Key support levels – $60,700, then $60,000.
Key resistance levels – $62,000 and $62,500.