Bitcoin price is rising above the resistance level of $62,000. BTC is signaling a bullish reversal and could surge towards the $65,000 resistance.
- Bitcoin price is rising from the $61,200 support zone.
- The price is trading above $62,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $62,300.
- The pair could rise towards the $65,000 resistance or $65,730.
Bitcoin price gains strength again
Bitcoin price remained above the $60,000 support zone. A base was formed and the price started a new rise above the $62,000 resistance.
On the hourly chart of the BTC/USD pair, a breakout occurred above the main bearish trend line with resistance at $62,300. The pair cleared the 76.4% Fib retracement level of the downward move from the $63,583 swing high to the $60,108 low.
Bitcoin is currently trading above $62,500 and the 100-hour simple moving average. Immediate resistance is near the $63,800 level. The next major resistance could be $64,500, above which the price may rise towards the $65,000 resistance zone.
Source: TradingView.com BTCUSD
If the bulls remain active, the price may cross $65,000 and test $65,500. Any more profits could lead the price towards the 1.618 Fib extension level, moving downward from the $63,583 swing high to the $65,730 low of $60,108.
Are dips supported in BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, another downward correction could begin. Immediate support for the downside is near the $62,750 level.
The first major support is at $62,250 or the 100-hour SMA. If there is a close below $62,250, the price could begin a significant pullback towards the $61,000 area. Any more losses could lead the price towards the $60,000 support area.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $62,750, then $62,250.
Key resistance levels – $63,800, $65,000 and $65,730.
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