The Bitcoin price began another rise above $60,500. Fed cut rates by 0.5%, causing BTC to surge towards $62,500.
- Bitcoin has gained momentum above the resistance level of $60,200.
- Price is above the Simple Moving Average of 100 hours and $60,500.
- A break was seen above a declining short-term channel, with a resistance of $60,000 in the BTC/USD hourly chart (data from Kraken).
- It is possible that the pair will extend its gains as long as it remains above the support zone of $60,500.
Bitcoin price increases by 5%
Bitcoin price remained supported Above the $58,500 mark. BTC formed base and began another rise above the $60,000 zone of resistance after Fed surprise with a 0.5% rate reduction.
A clear movement was seen above $60,500. On the hourly BTC/USD chart, there was a clear break over a declining short-term channel that had resistance at $60,000. Price tested resistance at $62,500. The price has now reached a new high at $62,535 after forming a previous one.
The price moved below the $62,000 mark. Price dropped to 23.6% of Fib’s retracement from $59164 swing low up to $62,535 high.
Bitcoin has now reached a price of $60,500. 100 hourly Simple moving average. Price could be facing resistance in the area of the 62,200 mark. First, the price will face resistance near $62,500. The next session could see a rise in price if the market moves above $62,500.
A close above the $63,200 resistance might spark more upside. If the price closes above $63,200, it could spark further upside. Price could test $64,500 in the case stated.
Are Dips Supported In BTC?
Bitcoin could begin a correction to the downside if it fails to break through $62,500. The $61,750 support level is the immediate downside support.
First, the major support level is $61,250. Now, the next major support level is near 60,850, or the Fib 50% retracement of the uptrend from the $59 164 swing low, to the $62,535 peak. In the short term, any further losses could send the price towards the $60k support.
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 – $61,250, followed by $60,850.
Major Resistance Levels – $62,500, and $63,200.
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Source: www.newsbtc.com
