Bitcoin’s price has now recovered over the $60k resistance zone. BTC now struggles to break through the $61,200 and 61,500 resistance levels.
- Bitcoin has started to recover above the $60,000 zone.
- Above $60,000, the price has traded above 100 hourly simple moving average.
- On the hourly chart for the BTC/USD, there was a breakout above the connecting trendline with resistance of $59500 (data from Kraken).
- A new increase could be attempted if the pair is able to settle above $61,500.
Bitcoin price gains momentum
Bitcoin Price started at a decent upward move Above the $58,500 zone of resistance. BTC has been able to overcome the $59500 and $60000 resistance levels.
On the hourly BTC/USD chart, there was a breakout above the connecting trendline with resistance of $59500. The price even spiked over the $61,500 mark. The price has corrected gains after a high at $61,555.
The price moved below the levels of $61,200, and $61,000. The price dropped below the level for the 23.6% Fib of the upswing from the $58,441 swing-low to the $61,555 peak.
Bitcoin is currently trading at a price of $60,000, and it’s gaining in popularity. 100 hourly Simple moving average. This is also above the 50% Fib Retracement Level of the uptrend from the low swing price of $58,441 and the high $61,555. Price could be facing resistance on the upside near the $61,200 area.
A clear move above the $61,500 resistance could send the price further higher in future sessions. Price could rise further in future sessions, if the resistance level of $61,500 is clearly broken. The next major resistance may be at $62,500.
A close above $63,500 could spark more upside. The price could rise further if it closes over the $63,500 barrier. The price may rise to test the $65,000 barrier.
A Drop in BTC Prices?
Bitcoin could begin a new decline if it fails to break through the resistance level of $61,500. Support for the short-term is located near $60,000 and the 100 hourly Simple Moving average.
First major support: $59,650. Next support now lies near $59150. Continuing losses could send the price to the $58,500 zone of support or $57,200 near-term.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $60,000, followed by $59,650.
Major Resistance Levels – $61,200, and $61,500.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
