Bitcoin
Bullish Momentum Rising: Will Prices Rise?
Bitcoin Price Breaks $62K
Bitcoin price started a strong increase and broke the $62,000 resistance level. BTC is showing positive signs and it could rise towards the $63,200 level.
- Bitcoin gained bullish momentum above the $60,500 resistance zone.
- The price is trading above $61,500 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks the $62,500 support.
Bitcoin Price Regains Strength
Bitcoin price started a decent rise above the Resistance levels at $59,500 and $60,000. BTC even cleared the $60,500 resistance to enter a positive zone. This triggered a strong increase and the price climbed above the $62,000 level.
It even tested the $62,500 level. A high was formed at $62,493 and the price is now consolidating gains. It is trading well above the 23.6% Fibonacci retracement level of the upward move from the $56,593 low to $62,493 high.
Bitcoin price is now trading above $61,500 and the 100-hour simple moving average. There is also a bullish trend line forming with support at $61,000 on the hourly chart of the BTC/USD pair.
The immediate resistance on the upside is near the $62,500 level. The first key resistance is near the $62,800 level. A clear move above the $62,800 resistance could start a decent increase in the coming sessions. The next key resistance could be at $63,200.
The next major hurdle is at $63,500. A close above the $63,500 resistance could start a steady increase and send the price higher. In the stated case, the price could move higher and test the $65,000 resistance.
Are dips supported in BTC?
If Bitcoin fails to climb above the $62,500 resistance zone, it could begin a bearish correction. The immediate support on the downside is near the $61,500 level.
The first major support is at $61,000 and the trendline zone. The next support is now near $60,000. Any more losses could send the price towards the $59,500 support zone 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 – $61,500, followed by $61,000.
Key resistance levels – $62,500 and $63,500.