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Home»EXCHANGE NEWS»Is a gradual rise expected?
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Is a gradual rise expected?

By Crypto FlexsAugust 26, 20242 Mins Read
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Is a gradual rise expected?
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Bitcoin price is holding steady above the $60,000 zone. BTC is currently consolidating its uptrend, and the bulls could target a move above the $62,000 resistance zone.

  • Bitcoin has started a consolidation phase above the $60,000 level.
  • The price is trading above $59,500 and the 100 hourly simple moving average.
  • According to data provided by Kraken, there is a major bullish trend line forming with support at $59,800 on the hourly chart of BTC/USD.
  • The pair is likely to attempt a new uptrend if it breaks the $61,500 resistance zone.

Bitcoin price continues to rise

Bitcoin price remained stable above the $58,500 pivot level. BTC formed a base and began a steady rise above the $60,000 resistance zone. The price rose above the $60,200 and $60,500 resistance levels.

The bulls were able to push the price above the 23.6% Fibonacci correction level of the downward move from the $61,800 swing high to the $59,805 low. The current price action is positive and the bulls can look to take further gains above the $60,800 resistance zone.

Bitcoin is currently trading above $60,200 and the 100-hourly simple moving average. The price is currently consolidating near the 50% Fibonacci correction level of the downtrend from the $61,800 swing high to the $59,805 low.

In the uptrend, the price may face resistance near the $60,800 level. The first major resistance is near the $61,800 level. If the $61,800 resistance is clearly surpassed, the price may move higher in the coming session. The next major resistance may be $62,000.

Source: BTCUSD on TradingView.com

A close above the $62,000 resistance level could lead to further upside. In that case, the price could rise and test the $63,500 resistance level.

Bitcoin Another Downtrend?

If Bitcoin fails to break above the $61,800 resistance zone, a downward correction could begin. Immediate support for the downside is near the $60,200 level.

The first major support is at $59,800. The next support is now near the $58,500 area. If there is further loss, the price could move to the $58,000 support area, or in the short term, to $57,500.

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 – $60,200, then $59,800.

Key resistance levels – $60,800 and $61,800.

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