Bitcoin price broke the $62,500 resistance level. BTC even broke the $63,200 level and it is currently consolidating gains above $63,500.
Bitcoin is in the process of breaking above the $63,200 resistance area.
The price is currently above $63,400 and the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance at $63,220 on the hourly chart of the BTC/USD pair (data source from Kraken).
If the pair stays above the $62,500 support area, it is likely to extend the gains.
Bitcoin price extends gains, surpasses $63,500
Bitcoin price extended its rally and surpassed the $62,500 mark. BTC managed to clear the $62,800 and $63,200 resistance levels to move further into the positive zone.
The price also broke above a connecting bearish trend line with resistance at $63,220 on the hourly chart of the BTC/USD pair. The bulls even pushed the price above $63,500. The price formed a high at $63,965 and it is currently consolidating gains.
There was a minor decline below the $63,750 level. The price declined and tested the 23.6% Fibonacci retracement level of the upward move from the $62,440 swing low to $63,965 high.
Bitcoin is currently trading above $63,500 and the 100 hourly simple moving average. On the upside, the price is likely to face resistance near $63,950. The first key resistance is near $64,200. If there is a clear break above the $64,200 resistance, the price is likely to rise.
The next key resistance could be $65,000. A close above the $65,000 resistance could spark more gains. In such a case, the price could rise and test the $65,500 resistance.
Does BTC support dips?
If bitcoin fails to clear the $63,950 resistance zone, it could start a downside correction. An immediate support on the downside is near $63,500.
The first major support is at $63,200, which is also the 50% Fibonacci retracement level of the upward move from the $62,440 low to $63,965 high. The next support is now near the $62,500 area. If the price declines further, it could drop towards the $61,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is currently accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $63,500, followed by $63,200.
Major Resistance Levels – $63,950 and $64,000.
