Bitcoin price is gaining momentum above the $62,000 resistance level. BTC is signaling an upward breakout and could rise towards the $65,000 resistance level.
- Bitcoin price is moving upwards from the $61,200 support zone.
- The price is above $62,500 and the 100 hourly simple moving average.
- There was a break above a key bearish trendline with resistance at $62,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to accelerate towards the resistance level of $65,000 or even $65,730.
Bitcoin price is regaining strength
Bitcoin price remained well bid above the $60,000 support zone. A base was formed and the price started a fresh increase above the $62,000 resistance.
There was a break above a key bearish trend line with resistance at $62,300 on the hourly chart of the BTC/USD pair. The pair even cleared the 76.4% Fib retracement level of the downward move from the swing high $63,583 to low $60,108.
Bitcoin is now trading above $62,500 and the 100 hourly simple moving average. The immediate resistance is near the $63,800 level. The next key resistance could be at $64,500, above which the price could rise towards the $65,000 resistance zone.
Source: BTCUSD on TradingView.com
If bulls stay in action, the price could even surpass $65,000 and test the $65,500 level. Further gains could push the price towards the 1.618 Fib extension level of the downward move from the swing high at $63,583 to the low at $60,108 at $65,730.
Are dips in BTC supported?
If Bitcoin fails to rise above the $64,000 resistance zone, another downward correction could occur. The immediate downside support is near the $62,750 level.
The first major support lies at $62,250 or the 100 hourly SMA. If the close is below $62,250, the price could start a significant decline towards the $61,000 zone. Any further losses could push the price towards the $60,000 support zone.
Technical indicators:
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.
Key Support Levels – $62,750 followed by $62,250.
Major resistance levels – $63,800, $65,000 and $65,730.
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