Bitcoin price gained momentum above the $62,500 resistance. BTC even cleared the $63,200 level and is now consolidating gains above $63,500.
- Bitcoin is gaining momentum above the $63,200 resistance area.
- The price is trading above $63,400 and the hourly moving average is 100.
- There was a break above the connecting bearish line against $63,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- A couple can extend benefits if they stay above the $62,500 support zone.
Bitcoin Price Extends Gains Above $63,500
Bitcoin price extended its rise above the $62,500 level. BTC managed to clear the $62,800 and $63,200 resistance levels to move forward in a positive direction.
There is also a break above the bearish line that connects with resistance at $63,220 on the hourly chart of the BTC/USD pair. The bulls even pushed the price above the $63,500 level. The top is built for $63,965 and the price now includes benefits.
There was little movement below the $63,750 level. The price dipped and tested the 23.6% Fib retracement level from the swing low of $62,440 to the high of $63,965.
Bitcoin is now trading above $63,500 and the 100-hour simple moving average. On the other hand, the price could face resistance near the $63,950 level. The first key resistance is near the $64,200 level. A clear move above the $64,200 resistance could send the price higher.
The next key resistance would be $65,000. A close above the $65,000 resistance could trigger further upside. In the mentioned case, the price can rise and test the resistance of $ 65,500.
Are Dips supported in BTC?
If Bitcoin fails to rise above the $63,950 resistance area, it could start an inverse correction. Immediate support on the downside is near the $63,500 level.
The first key support is $63,200 and the 50% Fib retracement level of the upside from the $62,440 swing low to the $63,965 swing high. The next support is now near the $62,500 area. Another loss could send the price to the $61,500 support in the near term.
Technical indicators:
Hourly MACD – MACD is now gaining momentum in bullish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major Support Levels – $63,500, followed by $63,200.
Large Objection Levels – $63,950, and $64,000.