Bitcoin’s price rose by almost 5%. It also moved above $62,500. BTC has a positive inclination and is testing the resistance zone of $63,500.
- Bitcoin began a steady increase over the levels of $62,200 to $62,400.
- Price is above the Simple Moving Average of 100 hours and $62,500.
- On the hourly BTC/USD chart, there was a breakout above the major trendline with resistance of $61,000 (data from Kraken).
- It is possible that the pair will struggle to move higher than $63,650.
Bitcoin price starts to recover
Above the Bitcoin price, a strong base was formed. $60,000 zone. BTC was stable, and it managed to begin a nice increase over the resistance zone of $61,500.
The hourly chart for the BTC/USD showed a breaking above the resistance level of $61,000. Bulls managed to push the price over the resistance of $62,500. The price is trading at $63,650, up almost 5%.
Bitcoin Price is Trading Above $62,500 100 hourly Simple moving average. This is a stable price and above the level of 23.6% Fib Retracement for the move upwards from the swing-low $59,949 to the 63,675 high.
The price may face resistance at the level of $63,650 if there is a further increase. First, the key resistance lies near $64,000. Next, the key resistance may be at $64,400. If the market moves above $64,400, it could start a gradual increase.
The price may rise in this case and try to test the resistance of $65,500. BTC’s price could rise further and test the $66,000 level in the near future.
Do Dips Only Come In BTC?
Bitcoin may start to correct downwards if the resistance level of $63,650 is not overcome. Support on the downside near $62,800 is immediate.
The 50% Fib level represents the first significant support, which is at $61,800. This was the pivotal low of $59 949 that led to the 63,675 high. Next support will be near the Simple Moving Average of 100 hours and $61,250. In the short term, any further losses could send the price towards the support zone of $60,500.
Indicators of 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 – $62,800, followed by $61,800.
Major Resistance Levels – $63,650, and $64,400.
“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
