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Bitcoin price started a new increase above the $62,000 zone. BTC is gaining speed and could aim for more gains above the $63,500 zone.
- Bitcoin is eyeing another surge above the $63,500 zone.
- The price is trading above USD 63,250 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $62,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks the $64,200 resistance zone.
Bitcoin price regains traction
Bitcoin price formed a support base above the $60,000 zone. BTC started a fresh rise above the USD 61,200 and USD 62,000 resistance levels. The bulls even pumped the price above the USD 63,000 resistance.
It traded as high as $63,949 and the price is now consolidating gains. It appears that the price is showing signs of another rally above $63,500. BTC is above the 23.6% Fib retracement level of the upward move from the $62,324 swing low to the $63,949 high.
Bitcoin price is now trading above $63,250 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $62,900 on the hourly chart of the BTC/USD pair.
On the upside, the price could encounter resistance near the USD 64,000 level. The first major resistance is near the $64,200 level. A clear move above the USD 64,200 resistance could push the price higher. The next major resistance could be at USD 65,000.
A close above the $65,000 resistance could lead to more gains. In the said case, the price could rise and test the USD 65,500 resistance level. Any further gains could send the price towards the USD 66,500 resistance level.
Are dips supported in BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, it could trigger another decline. The immediate downside support is near the USD 63,500 level.
The first major support is near the $63,000 level or the 50% Fib retracement level of the upward move from the $62,324 swing low to the $63,949 high or the trendline. The next support is now near the $62,500 zone. Any further losses could send the price towards the USD 61,800 support in the short 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 63,500, followed by USD 63,000.
Major resistance levels – $64,000 and $64,200.