Bitcoin price is up almost 5% and there was a move above $62,500. BTC is now testing the $63,500 resistance zone with a positive angle.
- Bitcoin started a decent rise above the USD 62,200 and USD 62,400 levels.
- The price is trading above USD 62,500 and the 100 hourly Simple Moving Average.
- There was a break above a major bearish trendline with resistance at $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to hold higher above the $63,650 resistance zone.
Bitcoin Price Begins Recovery
Bitcoin price formed a base above the $60,000 zone. BTC remained stable and could start a decent rise above the USD 61,500 resistance zone.
There was a break above a major bearish trendline with resistance at $61,000 on the hourly chart of the BTC/USD pair. The bulls were able to pump the price above the USD 62,500 resistance. It is up almost 5% and is trading near the USD 63,650 resistance zone.
Bitcoin price is trading above $62,500 and the 100 hourly Simple Moving Average. It is steady and well above the 23.6% Fib retracement level of the upward move from the $59,949 swing low to the $63,675 high.
If another rise occurs, the price may encounter resistance near the $63,650 level. The first major resistance is around the $64,000 level. The next major resistance could be at USD 64,400. A clear move above the USD 64,400 resistance could trigger a steady rise and send the price higher.
In the mentioned case, the price could rise and test the USD 65,500 resistance. Any further gains could send BTC towards the USD 66,000 resistance in the near term.
Are dips limited in BTC?
If Bitcoin fails to climb above the USD 63,650 resistance zone, a downside correction could occur. The immediate downside support is near the USD 62,800 level.
The first major support is at $61,800 and the 50% Fib retracement level of the upward move from the $59,949 swing low to the $63,675 high. The next support is now forming near $61,250 and the 100 hourly Simple Moving Average. Any further losses could send the price towards the $60,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 62,800, followed by USD 61,800.
Major resistance levels – $63,650 and $64,400.