bitcoin price has risen almost 5% and surpassed $62,500. btc is now testing the $63,500 resistance zone with a positive angle.
- bitcoin started a decent rise above the $62,200 and $62,400 levels.
- The price is trading above $62,500 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance at $61,000 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair might find it difficult to continue rising above the $63,650 resistance zone.
bitcoin price begins to recover
bitcoin price formed a base above the $60,000 zone. btc remained stable and was able to start a decent rise above the $61,500 resistance zone.
There was a breakout above a major bearish trend line with resistance at $61,000 on the hourly chart of the btc/USD pair. The bulls managed to push the price above the resistance of $62,500. It has risen by almost 5% and is trading near the resistance zone of $63,650.
bitcoin price is trading above the $62,500 level and the 100 hourly simple moving average. It is holding steady and well above the 23.6% Fibonacci retracement level of the upward move from the $59,949 low to $63,675 high.
If there is another rise, the price could face resistance near the $63,650 level. The first key resistance is near the $64,000 level. The next key resistance could be $64,400. A clear move above the $64,400 resistance could start a steady rise and send the price higher.
In the stated case, the price could rise and test the $65,500 resistance. Any further gains could send btc towards the $66,000 resistance in the near term.
Are drops in btc limited?
If bitcoin fails to break above the $63,650 resistance zone, it could start a downward correction. Immediate downside support is near the $62,800 level.
The first major support is $61,800 and the 50% Fibonacci retracement level of the upward move from the low of $59,949 to the high of $63,675. Next support is forming near $61,250 and the 100 hourly simple moving average. Any further losses could send the price towards the $60,500 support zone 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: $62,800, followed by $61,800.
Main resistance levels: $63,650 and $64,400.
