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Bitcoin price started a new rise above the $62,000 area. BTC is gaining momentum and may aim for further gains above the $63,500 area.
- Bitcoin is eyeing a new high above the $63,500 area.
- The price is trading above $63,250 and the hourly moving average is 100.
- There is a connecting bullish trendline forming with support at $62,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- This pair can continue to rise if it clears the $64,200 resistance area.
Bitcoin Price Returns Drawdown
Bitcoin price is forming a support base above the $60,000 area. BTC started a new rise above the resistance levels of $61,200 and $62,000. The bulls even pushed the price above resistance at $63,000.
It traded as high as $63,949 and the price now includes earnings. It appears that the price is showing signs of a new rally above $63,500. BTC is above the 23.6% Fib retracement level of the upward move from the $62,324 low to the $63,949 high.
Bitcoin price is now trading above $63,250 and a moving average of 100 per hour. There is also a connecting bullish line forming with support at $62,900 on the hourly chart of the BTC/USD pair.
On the other hand, the price could face resistance near the $64,000 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 gains. In the mentioned case, the price can rise and test the resistance level of $65,500. Any further gains could send the price to the $66,500 resistance level.
Are Dips supported in BTC?
If Bitcoin fails to rise above the $64,000 resistance area, it could start another decline. Immediate support on the downside is near the $63,500 level.
The first major support is near the $63,000 level or the 50% Fib retracement level of the upward move from the $62,324 swing low to the $63,949 high or trend line. The next support is now near the $62,500 area. Another loss could send the price to the $61,800 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 $63,000.
Large Objection Levels – $64,000, and $64,200.
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