bitcoin price gained momentum above the $62,500 resistance. btc even surpassed the $63,200 level and is now consolidating gains above $63,500.
- bitcoin is gaining momentum above the $63,200 resistance zone.
- The price is trading above $63,400 and the 100 hourly simple moving average.
- There was a break above a connecting bearish trend line with resistance at $63,220 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could extend gains if it sustains above the $62,500 support zone.
bitcoin Price Extends Gains Above $63,500
bitcoin price extended its rise above the $62,500 level. btc was able to overcome the $62,800 and $63,200 resistance levels to move into a positive zone.
There was also a break above a connecting bearish trend line with resistance at $63,220 on the hourly chart of the btc/USD pair. The bulls even pushed the price above the $63,500 level. A high was formed at $63,965 and the price is now consolidating gains.
There was a minor move below the $63,750 level. The price declined and tested the 23.6% Fibonacci retracement level of the upward move from the $62,440 low to $63,965 high.
bitcoin is now trading above the $63,500 level and the 100 hourly simple moving average. On the upside, the price might face resistance near the $63,950 level. The first key resistance is near the $64,200 level. A clear move above the $64,200 resistance could send the price higher.
<img class="wp-image-643894 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/09/Bitcoin-Price-Regains-Strength-Is-a-New-Rally-Coming.png" alt="bitcoin Price ” srcset=”https://www.newsbtc.com/wp-content/uploads/2024/09/Bitcoin_aec9d8.png?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/09/Bitcoin_aec9d8.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/09/Bitcoin_aec9d8.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/09/Bitcoin_aec9d8.png?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/09/Bitcoin_aec9d8.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/09/Bitcoin_aec9d8.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/09/Bitcoin_aec9d8.png?w=1140 1140w” />
The next key resistance could be at $65,000. A close above the $65,000 resistance could trigger further gains. In the stated case, the price could rise and test the $65,500 resistance.
Are dips compatible with btc?
If bitcoin fails to clear the $63,950 resistance zone, it could start a downside correction. The immediate support on the downside lies near the $63,500 level.
The first major support is $63,200 and the 50% Fib retracement level of the upward move from the $62,440 low to $63,965 high. The next support is now near the $62,500 zone. Any further losses could send the price towards the $61,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for btc/USD is now above the 50 level.
Key Support Levels: $63,500, followed by $63,200.
Major Resistance Levels: $63,950 and $64,000.
