Key Takeaways:
Bitcoin started a fresh increase above the $62,000 resistance level.
BTC/USD is still below a major bearish trend line with resistance at $69,000 on the daily chart.
The price could continue to move up if it stays above the 50-day simple moving average (blue).
Bitcoin price is consolidating gains above the $62,000 support level. BTC might rise further toward $70,000 or even $72,000 in the near term.
Bitcoin Price Shows Signs of Upside Continuation
In the past few days, Bitcoin price saw a decent increase above the $58,500 resistance zone. There were a couple of swing moves but the price was able to settle above the $60,000 resistance. It helped altcoins such as Ethereum and Solana to recover.
During the increase, BTC surpassed the 61.8% Fib retracement level of the downward move from the $70,162 swing high to the $49,130 low. More importantly, the price was able to settle above the 50-day simple moving average (blue).
Bitcoin price daily chart | Source: BTC/USD on TradingView.com
Bitcoin price extended gains above the $63,500 resistance and tested the $65,000 barrier. It seems like the 76.4% Fib retracement level of the downward move from the $70,162 swing high to the $49,130 low acted as a resistance.
The price corrected gains from the $65,000 zone and is currently consolidating above the 50-day simple moving average (blue). If the price stays above the $62,000 zone, there could be a fresh increase. Immediate resistance is near the $64,200 level. The first major resistance is near the $65,000 zone.
If BTC price breaks the $65,000 resistance, it could accelerate higher. The next major barrier for Bitcoin bulls could be near the $68,000 zone. There is also a key bearish trend line forming with resistance at $69,000 on the daily chart.
A close above the trend line resistance and then the $70,000 level could send the price toward the $71,200 resistance. Any more gains might send the price toward the $72,000 resistance or even a new all-time high.
Another Pullback In BTC?
Conversely, Bitcoin price might struggle near $65,000 or $68,000 and start another decline. Immediate support on the downside is near the $62,000 level and the 50-day simple moving average (blue). The first major support is near the $60,000 level. Â
A downside break below the $60,000 support zone could spark more bearish moves. In the stated case, the price might decline toward the $56,500 support. Any more losses could open the doors for a move toward the key support at $54,000 in the coming days.
Overall, Bitcoin is consolidating above the $62,000 zone. If the bulls remain in action above $62,000, there could be a fresh surge above the $70,000 level.
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