The price of Bitcoin is gaining momentum, surpassing the $62,500 resistance. BTC has also exceeded the $63,200 mark and is currently consolidating its gains above $63,500.
- Bitcoin is gaining traction above the $63,200 resistance area.
- The price is trading above $63,400 and is above the 100 hourly Simple Moving Average.
- A breakout occurred above a connecting bearish trend line with resistance at $63,220 on the hourly chart for the BTC/USD pair (data feed from Kraken).
- The pair may continue to rise as long as it remains above the $62,500 support level.
Bitcoin Price Surges Beyond $63,500
The price of Bitcoin has advanced beyond the $62,500 threshold. BTC successfully cleared the $62,800 and $63,200 resistance levels, moving further into positive territory.
A breakout was also noted above a connecting bearish trend line with resistance at $63,220 on the hourly chart for the BTC/USD pair. The bulls drove the price above the $63,500 mark, creating a high at $63,965, and the price is currently consolidating its gains.
A slight dip occurred below the $63,750 level. The price fell and tested the 23.6% Fibonacci retracement level of the upward movement from the $62,440 swing low to the $63,965 high.
Bitcoin is now trading above $63,500 as well as the 100 hourly Simple Moving Average. On the upside, the price may encounter resistance around the $63,950 level. The first significant resistance is near the $64,200 level. A decisive move above the $64,200 resistance could propel the price even higher.
The next critical resistance level could be at $65,000. A close above this resistance could trigger further upward movement, potentially allowing the price to rise and test the $65,500 resistance level.
Are Dips Supported in BTC?
If Bitcoin is unable to break above the $63,950 resistance area, it may initiate a downward correction. The immediate support level on the downside is near $63,500.
The first major support level is at $63,200, coinciding with the 50% Fibonacci retracement level from the upward move between the $62,440 swing low and the $63,965 high. Additional support is positioned near the $62,500 zone. Further declines could push the price toward the $61,500 support in the near future.
Technical indicators:
Hourly MACD – The MACD is currently gaining momentum in the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 mark.
Major Support Levels – $63,500, followed by $63,200.
Major Resistance Levels – $63,950, and $64,000.
