Bitcoin Price Reclaims $60K: Is The Rally Resuming?
Bitcoin price gained pace for a move above $58,000 and $60,000. BTC is up over 10% and is signaling more upsides in the near term.
- Bitcoin started a decent increase above the $56,500 and $58,250 levels.
- The price is trading above $60,000 and the 100 hourly Simple 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 might eye more 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 clear the $56,500 and $58,250 resistance levels to move into a positive zone.
The bulls even pumped the price above the $60,000 resistance. The price is up over 10% and the recent high was formed at $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 the $62,700 high.
Bitcoin price is now trading above $60,000 and the 100 hourly Simple 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 could face resistance near the $62,000 level. The first key resistance is near the $62,500 level. A clear move above the $62,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $63,500.
Source: BTCUSD on TradingView.com
The next major hurdle sits at $65,000. A close above the $65,000 resistance might spark bullish moves. In the stated 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. Immediate support on the downside is near the $60,700 level.
The first major support is $60,000 and the trend line. The next support is now near $57,750 or the 61.8% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high. Any more losses might send the price toward the $55,000 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.
Major Support Levels – $60,700, followed by $60,000.
Major Resistance Levels – $62,000, and $62,500.
Aayush Jindal
Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.
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