Bitcoin
Bitcoin Price Soars 5%, Can BTC Bulls Regain Control?
Bitcoin price is up nearly 5% and there was a move above $62,500. BTC is now testing the $63,500 resistance zone with an upside 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 downtrend line with resistance at $61,000 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may struggle to continue above the $63,650 resistance zone.
Bitcoin Price Begins Recovery
Bitcoin price has formed a base above the $60,000 Zone. BTC remained stable and was able to initiate a decent increase above the $61,500 resistance zone.
There was a break 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 $62,500 resistance. It is up almost 5% and is trading near the $63,650 resistance zone.
Bitcoin price is trading above $62,500 and the 100-hour simple moving average. It is stable and well above the 23.6% Fibonacci retracement level of the upward move from the $59,949 swing low to $63,675 high.
If there is another increase, the price may 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. Further gains could send BTC towards the $66,000 resistance in the near term.
Are dips limited in BTC?
If Bitcoin fails to rise above the $63,650 resistance zone, it could initiate a downside 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 movement from the low of $59,949 to the high of $63,675. The next support is now forming near $61,250 and the 100 hourly simple moving average. Further losses could send the price towards the $60,500 support zone in the near term.
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.
Key support levels – $62,800, followed by $61,800.
Key Resistance Levels – $63,650 and $64,400.