Bitcoin price started a new increase above the $62,000 zone. BTC is gathering pace and could seek further gains above the $63,500 zone.
- Bitcoin is eyeing a further rise above the $63,500 zone.
- The price is trading above $63,250 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $62,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue rising if it surpasses the $64,200 resistance zone.
Bitcoin price regains traction
Bitcoin price has formed a support base above the $60,000 Zone. BTC began a fresh rise above the $61,200 and $62,000 resistance levels. The bulls even pushed the price above the $63,000 resistance.
It traded at $63,949 and the price is now consolidating gains. It appears that the price is showing signs of a new high above $63,500. BTC is above the 23.6% Fibonacci retracement level of the upward move from the $62,324 low to $63,949 high.
Bitcoin price is now trading above $63,250 and the 100 hour simple moving average. There is also a bullish trend line forming with support at $62,900 on the hourly chart of the BTC/USD pair.
On the upside, the price may face resistance near the $64,000 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 initiate further gains. In this case, the price could rise and test the $65,500 resistance level. Any further gains could send the price towards the $66,500 resistance level.
Are dips supported in BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, it could begin another decline. Immediate downside support is near the $63,500 level.
The first major support is near the $63,000 level or the 50% Fibonacci retracement level of the upward movement from the $62,324 swing low to the $63,949 high or the trend line. The next support is now near the $62,500 zone. Further losses could send the price towards the $61,800 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 $63,000.
Main resistance levels – $64,000 and $64,200.