Bitcoin price rose above $62,000. BTC is now consolidating gains and may soon attempt another upward move towards $64,000 resistance.
- Bitcoin price is consolidating gains below the $60,000 resistance zone.
- The price is trading above $60,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a connecting bullish trendline with support at $60,950.
- The pair could extend the current rally towards the $64,000 resistance area.
Bitcoin price jumps above $5,000
Bitcoin price remained strong above the $58,000 resistance zone. BTC formed a new support base and started another rally. It is up more than 10% and has broken many hurdles near $60,000 and $62,000.
The price also soared to around $64,000. A new multi-week high was formed near $64,000 before a sharp decline followed the Coinbase outage. The price plunged towards the $58,000 support area. A low was formed near $57,919 and the price began a new bounce.
It broke the $60,000 resistance line again. There was movement above the 50% Fib retracement level with a downward move from the $64,000 swing high to the $57,919 low.
Bitcoin is currently trading above $60,000 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a connecting bullish trendline with support at $60,950. Immediate resistance is near the $62,500 level. It is close to the 76.4% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low.
Source: TradingView.com BTCUSD
The next major resistance could be $64,000, above which the price may rise towards the $65,000 resistance zone. If the bulls remain active, the price may cross $65,000 and test $66,400. The biggest hurdle for them appears to be around $68,000.
Are dips supported in BTC?
If Bitcoin fails to rise above the $62,500 resistance zone, a downward correction could begin. Immediate support for the downside is near the $60,800 level and trend line.
The first major grant is $60,000. If there is a close below $60,000, the price could begin a significant decline towards the $58,000 area. Any more losses could lead the price towards the $56,500 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 – $60,800, then $60,000.
Key resistance levels – $62,500, $64,000 and $65,000.
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