Bitcoin price gained pace, rising above $58,000 and $60,000. BTC has risen more than 10% and signals more positive aspects in the short term.
- Bitcoin started a decent rise above the USD 56,500 and USD 58,250 levels.
- The price is trading above $60,000 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could see more upside above the $62,500 resistance zone.
Bitcoin price can increase profits
Bitcoin price started a decent rise above the USD 55,500 resistance zone. BTC was able to break the USD 56,500 and USD 58,250 resistance levels and move into a positive zone.
The bulls even pumped the price above the USD 60,000 resistance. The price has risen more than 10%, reaching a recent high of $62,700. The price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high.
Bitcoin price is now trading above $60,000 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $60,000 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the USD 62,000 level. The first major resistance is near the $62,500 level. A clear move above the USD 62,500 resistance could push the price further higher in the coming sessions. The next major resistance could be at USD 63,500.
The next big hurdle is at $65,000. A close above the $65,000 resistance could lead to bullish moves. In the mentioned case, the price could rise and test the USD 67,000 resistance.
Are dips limited in BTC?
If Bitcoin fails to rise above the USD 62,500 resistance zone, a downward correction could occur. The immediate downside support is near the USD 60,700 level.
The first major support is $60,000 and the trendline. The next support now lies near $57,750 or the 61.8% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high. Any further losses could send the price towards the $55,000 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 60,700, followed by USD 60,000.
Major resistance levels – $62,000 and $62,500.