Bitcoin (BTC) Price Regains Strength, Breaks $62,000 Resistance Level

Bitcoin price started a decent increase above the $59,500 and $60,000 resistance levels. BTC even cleared the $60,500 resistance to move into a positive zone.

Bitcoin price began a strong increase and broke through the $62,000 resistance level. BTC is displaying positive signs and could continue its ascent toward the $63,200 level.

Bitcoin Price Shows Strength

Bitcoin price initiated a solid increase above the $59,500 and $60,000 resistance levels. BTC even surpassed the $60,500 resistance to enter a bullish zone. This triggered a strong increase, and the price quickly climbed above the $62,000 level.

It even approached the $62,500 resistance. A high was established at $62,493, and the price is currently consolidating its gains. It is trading significantly above the 23.6% Fib retracement level of the upward move from the $56,593 swing low to the $62,493 high.

Bitcoin price is now trading above $61,500 and the 100 hourly Simple moving average.

Moreover, a crucial bullish trend line is forming with support at $61,000 on the hourly chart of the BTC/USD pair.

Immediate resistance to the upside is around the $62,500 level. The first key resistance is near the $62,800 level. A decisive move above the $62,800 resistance could initiate a strong increase in the upcoming sessions. The next key resistance is at $63,200.

The next major hurdle is at $63,500. A close above the $63,500 resistance could lead to a sustained increase, driving the price higher. In such a scenario, the price might continue its ascent and encounter the $65,000 resistance.

Are Dips In BTC Supported?

If Bitcoin fails to climb above the $62,500 resistance zone, it may begin a downside correction. Immediate support to the downside is around the $61,500 level.

The first major support is at $61,000 and the trend line zone. The next support is now near $60,000. Any further declines could drive the price toward the $59,500 support zone in the short term.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $61,500, followed by $61,000.

Major Resistance Levels – $62,500, and $63,500.

The above is the detailed content of Bitcoin (BTC) Price Regains Strength, Breaks $62,000 Resistance Level. For more information, please follow other related articles on the PHP Chinese website!