Bitcoin is acquiring speed above the $60,000 zone versus the United States Dollar. BTC could accelerate higher towards the $65,000 resistance zone in the near term.
- Bitcoin started a fresh increase and it broke the $60,000 level.
- The cost is now trading above $62,000 and the 100 per hour basic moving average.
- There was a break above a major bearish trend line with resistance near $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The set might continue greater towards the $63,500 level in the near term.
Bitcoin Price Gains Momentum
Bitcoin price settled above the $60,000 zone to move further into a bullish territory. BTC even broke the $61,500 and $62,000 resistance levels.
A high was formed near the $62,887. Recently, there was a small drawback correction listed below the $62,000 pivot zone. The price declined below the $60,000 support level and the 100 hourly simple moving average.
However, drawbacks were restricted listed below the $58,800 level. A low was formed near $58,888 before the price started a fresh increase. There was a clear break above the $60,000 level and the 100 per hour SMA. The price surpassed the 50% Fib retracement level of the downside correction from the $62,887 swing high to $58,888 low.
There was likewise a break above a significant bearish pattern line with resistance near $60,850 on the per hour chart of the BTC/USD set. Bitcoin is now trading above the 76.5% Fib retracement level of the downside correction from the $62,887 swing high to $58,888 low.
On the advantage, a preliminary resistance is near the $62,500 level. The first key resistance is near the $62,850 level. A clear break above the $62,850 resistance might unlock for more advantages. The next major resistance sits near the $63,500 level, above which the price might surge towards the $65,000 level in the near term.
Dips Limited In BTC?
If bitcoin stops working to clear the $62,500 resistance zone, it might begin a disadvantage correction. An instant assistance on the drawback is near the $61,200 level.
The first major support is now forming near the $60,000 level (the recent breakout zone) and the 100 hourly SMA. A disadvantage break listed below the $60,000 level might stimulate a bigger correction.
Technical indicators:
Hourly MACD – The MACD is now acquiring speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,200, followed by $60,000.
Major Resistance Levels – $62,500, $62,850 and $63,500.
