Bitcoin’s price has accelerated its gains above $62,500. BTC cleared $63,200, and has now consolidated gains over $63,500.
- Bitcoin continues to gain momentum, moving above the $63,200 zone of resistance.
- Price is above the Simple Moving Average of 100 hours and $63,400.
- On the hourly chart for the BTC/USD, there was a breakout above the connecting trendline with resistance of $63,220 (data from Kraken).
- It is possible that the pair will extend its gains as long as it remains above the support level of $62,500.
Bitcoin price continues to rise above $63,500
Bitcoin prices extended their increase beyond the previous record. $62,500 level. BTC cleared the resistance levels of $62,800 and 63,200 to continue moving into a more positive area.
On the hourly BTC/USD chart, there was also a breakout above the bearish line that connected the two. The resistance is $63,220. Bulls also pushed price up above $63,500. At $63,965, a high was reached and now the price is at consolidating gains.
A minor movement was made below $63,750. Price dipped to test the Fib 23.6% retracement of the move upward from the swing low at $62,440 up to the high at $63,965.
Bitcoin has now traded above the Simple Moving Average of 100 hours and $63,500. Price could encounter resistance at the $63,950 mark. First, the price will face resistance near $64,200. The price could move higher if the resistance level of $64,200 is broken.
A close above $65,000 could spark more upside. If the price closes above $65,000, it could spark further upsides. Price could test $65,500 in the case stated.
Are Dips Supported In BTC?
Bitcoin could begin a correction to the downside if it fails to break through $63,950. Support on the downside near $63,500 is immediate.
First, the major support level is at $63,200. This represents the 50 percent Fib retracement from the low of $62,440 up to the 63,965 high. Now, the next major support zone is nearer to $62,500. If the market continues to fall, it could push the price down towards the support at $61,500 in the near future.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $63,500, followed by $63,200.
Major Resistance Levels – $63,950, and $64,000.
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Source: www.newsbtc.com
