Bitcoin price gained pace above the $62,500 resistance. BTC even broke above the $63,200 level and is now consolidating gains above $63,500.
- Bitcoin is gaining pace above the $63,200 resistance zone.
- The price is trading above $63,400 and the 100 hourly simple moving average.
- There was a break above a descending trend line with resistance at $63,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it remains above the $62,500 support zone.
Bitcoin Price Extends Gains Above $63,500
Bitcoin price extended its rise above the $62,500 level. BTC was able to overcome the $62,800 and $63,200 resistance levels to move into a positive zone.
There was also a break above a descending trend line with resistance at $63,220 on the hourly chart of the BTC/USD pair. The bulls even pushed the price above the $63,500 level. A high was formed at $63,965 and the price is now consolidating gains.
There was a minor move below the $63,750 level. The price declined and tested the 23.6% Fib retracement level of the upward move from the $62,440 swing low to $63,965 high.
Bitcoin is now trading above $63,500 and the 100 hourly simple moving average. On the upside, the price could face resistance near the $63,950 level. The first key resistance is near the $64,200 level. A clear move above the $64,200 resistance could push the price higher.
The next key resistance could be at $65,000. A close above the $65,000 resistance could lead to further upside. In this case, the price could move higher and test the $65,500 resistance.
Are dips supported in BTC?
If Bitcoin fails to climb above the $63,950 resistance zone, it could start a downside correction. The immediate support on the downside is near the $63,500 level.
The first major support is at $63,200 and the 50% Fib retracement level of the upward move from the $62,440 low to $63,965 high. The next support is now near the $62,500 zone. Any more losses could send the price towards the $61,500 support in the near term.
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 – $63,500, followed by $63,200.
Key Resistance Levels – $63,950 and $64,000.
