Bitcoin price gained pace above the $61,500 resistance. BTC even broke above the $63,300 level and is now consolidating gains above $62,500.
- Bitcoin is gaining pace above the $62,200 resistance zone.
- The price is trading above $62,500 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it remains above the $61,500 support zone.
Bitcoin Price Extends Gains Above $63,000
Bitcoin Price increased its increase above the $60,500 level. BTC managed to overcome the $61,200 and $61,500 resistance levels to enter a positive zone.
The bulls pushed the price above the $62,500 and $63,000 levels. A high was formed at $63,840 and the price is now consolidating gains. There was a move below the $63,500 level. The price turned down and tested the 23.6% Fib retracement level of the upward move from the $59,165 swing low to $63,840 high.
Bitcoin is now trading above $62,500 and the 100-hour simple moving average. There is also a major bullish trend line forming with support at $61,500 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $63,500 level. The first key resistance is near the $63,800 level. A clear move above the $68,400 resistance could push the price higher. The next key resistance could be at $64,500. A close above the $64,500 resistance could provide more upside. In this case, the price could move higher and test the $65,000 resistance.
Are dips limited in BTC?
If Bitcoin fails to climb above the $63,500 resistance zone, it could start a downside correction. The immediate support on the downside is near the $62,700 level.
The first major support is at $61,500 and the trendline. The next support is now near the $61,000 zone or the 61.8% Fibonacci retracement level of the upward move from the $59,165 swing low to $63,840 high. Any more losses could send the price towards the $60,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $62,700, followed by $61,500.
Key Resistance Levels – $63,500 and $63,800.
