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Bitcoin price started to rise again above the USD 60,500 resistance. The Fed cut rates by 0.50%, leading to a bullish wave in BTC towards $62,500.
- Bitcoin is gaining pace above the USD 60,200 resistance zone.
- The price is trading above $60,500 and the 100 hourly Simple Moving Average.
- There was a break above a short-term descending channel with resistance at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend gains if it remains above the $60,500 support zone.
Bitcoin Price Rises 5%
Bitcoin price remained supported above the USD 58,500 level. BTC formed a base and started to rise again above the $60,000 resistance zone after the Fed surprised with a 0.50% interest rate cut.
There was a clear move above the USD 60,500 level. There was a break above a short-term descending channel with resistance at $60,000 on the hourly chart of the BTC/USD pair. The price tested the USD 62,500 resistance zone. It reached a high at $62,535 and the price is now consolidating gains.
There was a move below the USD 62,000 level. The price fell and tested the 23.6% Fib retracement level of the upward move from the $59,164 swing low to the $62,535 high.
Bitcoin is now trading above $60,500 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 62,200 level. The first major resistance is around the $62,500 level. A clear move above the USD 62,500 resistance could trigger a steady rise in the coming sessions.
The next major resistance could be at USD 63,200. A close above the resistance at $63,200 could provide more upside. In the mentioned case, the price could rise and test the USD 64,500 resistance.
Are dips supported 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 $61,750 level.
The first major support is at $61,250. The next support now lies near the $60,850 zone or the 50% Fib retracement level of the upward move from the $59,164 swing low to the $62,535 high. Any further losses could send the price towards the USD 60,000 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 61,250, followed by USD 60,850.
Major resistance levels – $62,500 and $63,200.