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bitcoin price started a new rise above the $62,000 zone. btc is gaining pace and could aim for further gains above the $63,500 zone.
- bitcoin forecasts a further rise above the $63,500 area.
- The price is trading above $63,250 and the 100 hourly simple moving average.
- A connecting bullish trend line is forming with support at $62,900 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks the $64,200 resistance zone.
bitcoin price regains traction
bitcoin price formed a support base above the $60,000 zone. btc started a fresh rise above the $61,200 and $62,000 resistance levels. The bulls even lifted the price above the $63,000 resistance.
It traded up to $63,949 and the price is now consolidating gains. It seems that the price is showing signs of a fresh rally above $63,500. btc is above the 23.6% Fibonacci retracement level of the upward move from the low of $62,324 to the high of $63,949.
bitcoin price is now trading above $63,250 and the 100 hourly simple moving average. There is also a connecting bullish trend line forming with support at $62,900 on the hourly chart of the btc/USD pair.
On the upside, the price could face resistance near the $64,000 level. The first key resistance is near the $64,200 level. A clear move above the $64,200 resistance could push the price higher. The next key resistance could be $65,000.
A close above the $65,000 resistance could initiate further gains. In the given case, the price could rise and test the resistance level of $65,500. Any further gains could send the price towards the $66,500 resistance level.
Are drops in btc allowed?
If bitcoin fails to break above the $64,000 resistance zone, it could start another decline. Immediate downside support is near the $63,500 level.
The first major support is near the $63,000 level or the 50% retracement level of the upward move from the low of $62,324 to the high of $63,949 or the trend line. The next support is now near the $62,500 area. Any further losses could send the price towards the $61,800 support in the near term.
Technical indicators:
MACD Hourly: 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.
Main support levels: $63,500, followed by $63,000.
Main resistance levels: $64,000 and $64,200.
