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Bitcoin price rose faster than the USD 61,500 resistance. BTC has even breached the USD 63,300 level and is now consolidating gains above USD 62,500.
- Bitcoin is gaining pace above the USD 62,200 resistance zone.
- The price is trading above USD 62,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is 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 extended its rise above the USD 60,500 level. BTC was able to break the USD 61,200 and USD 61,500 resistance levels and move into a positive zone.
The bulls pumped the price above the USD 62,500 and USD 63,000 levels. It reached a high at $63,840 and the price is now consolidating gains. There was a move below the USD 63,500 level. The price fell and tested the 23.6% Fib retracement level of the upward move from the $59,165 swing low to the $63,840 high.
Bitcoin is now trading above $62,500 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support at $61,500 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the USD 63,500 level. The first major resistance is near the $63,800 level. A clear move above the USD 68,400 resistance could push the price higher. The next major resistance could be at USD 64,500. A close above the $64,500 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 65,000 resistance.
Are dips limited in BTC?
If Bitcoin fails to rise above the USD 63,500 resistance zone, a downward correction could occur. The immediate downside support is near the $62,700 level.
The first major support is $61,500 and the trendline. The next support now lies near the $61,000 zone or the 61.8% Fib retracement level of the upward move from the $59,165 swing low to the $63,840 high. Any further losses could send the price towards the USD 60,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 62,700, followed by USD 61,500.
Major resistance levels – $63,500 and $63,800.
