Bitcoin price has gained momentum and surged above $58,000 and $60,000. BTC is up over 10% and is signaling further upside in the near term.
- Bitcoin started a decent increase above the $56,500 and $58,250 levels.
- The price is above $60,000 and the 100 hourly moving average.
- There is a connecting bullish trend line forming with support at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could attempt further upsides above the $62,500 resistance zone.
Bitcoin price could extend gains
Bitcoin price started a decent increase above the $55,500 resistance zone. BTC was able to overcome the $56,500 and $58,250 resistance levels to move into a positive zone.
The bulls even pushed the price above the $60,000 resistance level. The price is up over 10% and the recent high was formed near $62,700. The price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $54,556 swing low to $62,700 high.
Bitcoin price is currently trading above $60,000 and the 100 hourly moving average. There is also a connecting bullish trend line forming with support at $60,000 on the hourly chart of the BTC/USD pair.
On the upside, the price might face resistance near the $62,000 level. The first key resistance is near the $62,500 level. A clear rise above the $62,500 resistance level could propel the price further higher in the coming sessions. The next key resistance could be near the $63,500 level.
The next major hurdle is at $65,000. A close above the $65,000 resistance could trigger bullish moves. In the said case, the price could rise and test the $67,000 resistance.
Are dips limited in BTC?
If Bitcoin fails to rise above the $62,500 resistance zone, it could start a downside correction. The immediate support on the downside is near the $60,700 level.
The first key support is near $60,000 and the trend line. The next support now lies at $57,750, or the 61.8% Fib retracement level of the upward move from the $54,556 swing low to $62,700 high. Any further losses could push the price towards the $55,000 support zone 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 – $60,700, followed by $60,000.
Key Resistance Levels – $62,000 and $62,500.
