Bitcoin price has surged above the $62,000 resistance level, displaying positive momentum that could potentially lead to a further rise towards the $63,200 mark. The cryptocurrency gained bullish traction above the $60,500 resistance zone and is currently trading above $61,500, with the 100 hourly Simple Moving Average acting as a support level.
A key bullish trend line is forming with support at $61,000 on the hourly chart of the BTC/USD pair, indicating a strong foundation for potential upward movement. If the pair manages to break the $62,500 support level, it could continue its upward trajectory.
Bitcoin started its ascent above the $59,500 and $60,000 resistance levels, eventually clearing the $60,500 hurdle to enter a positive zone. Despite encountering a high at $62,493, the price is now consolidating gains and trading comfortably above the 23.6% Fib retracement level. The immediate resistance on the upside is near $62,500, with the first key resistance at $62,800, followed by $63,200 and $63,500.
However, if Bitcoin fails to breach the $62,500 resistance zone, it could initiate a downside correction. Immediate support on the downside is around $61,500, followed by $61,000 and the crucial trend line zone at $60,000. Further decline could see the price testing the $59,500 support zone in the short term.
The hourly MACD is gaining momentum in the bullish zone, signaling a positive outlook for Bitcoin. Additionally, the Relative Strength Index (RSI) for BTC/USD is above the 50 level, indicating a favorable position for further price appreciation.
Bitcoin’s recent price surge above $62,000 has set the stage for a potential move towards the $63,500 resistance level. With strong support levels in place and positive technical indicators, the cryptocurrency seems poised for further gains in the coming sessions. However, a failure to break the $62,500 barrier could lead to a downside correction, with key support levels at $61,000 and $60,000. Traders and investors will be closely watching the price action to see if Bitcoin can maintain its bullish momentum and break new barriers in the near future.
