The Bitcoin price continued to rise above $62,000. BTC is now consolidating gains and could attempt another upward move towards the USD 64,000 resistance soon.
- Bitcoin price is consolidating gains below the USD 60,000 resistance zone.
- The price is trading above $60,500 and the 100 hourly Simple Moving Average.
- A connecting bullish trendline is forming with support at $60,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend its current rally towards the $64,000 resistance zone.
Bitcoin price jumps above $5K
Bitcoin price remained strong above the USD 58,000 resistance zone. BTC formed a new base of support and started a new rally. It gained more than 10% and broke many hurdles near $60,000 and $62,000.
The price even rose towards the $64,000 level. It reached a new multi-week high around $64,000 before a sharp decline following the Coinbase outage. The price fell towards the $58,000 support zone. A low was formed near $57,919 and the price started a new rally.
It is back above the USD 60,000 resistance. There was a move above the 50% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low.
Bitcoin is now trading above $60,000 and the 100 hourly Simple Moving Average. A connecting bullish trendline is also forming with support at $60,950 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $62,500 level. It is close to the 76.4% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low.
Source: BTCUSD on TradingView.com
The next major resistance could be at USD 64,000, above which the price could rise towards the USD 65,000 resistance zone. If the bulls remain in action, the price could even cross $65,000 and test $66,400. The main hurdle for them is visible near the $68,000 zone.
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 $60,800 level and the trendline.
The first major support is $60,000. If there is a close below $60,000, the price could make a significant pullback towards the $58,000 zone. Any further losses could send the price towards the $56,500 support zone.
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 60,800, followed by USD 60,000.
Major resistance levels – $62,500, $64,000 and $65,000.
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