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Bitcoin worth rallied additional above $62,000. BTC is now consolidating positive factors and would possibly quickly try one other upward transfer towards the $64,000 resistance.

• Bitcoin worth is consolidating positive factors under the $60,000 resistance zone.
• The worth is buying and selling above $60,500 and the 100 hourly Simple transferring common.
• There is a connecting bullish pattern line forming with help at $60,950 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might prolong its present rally towards the $64,000 resistance zone.

Bitcoin Price Jumps Over $5K

Bitcoin worth remained sturdy above the $58,000 resistance zone. BTC shaped a recent help base and began one other rally. It gained over 10% and broke many hurdles close to $60,000 and $62,000.

The worth even surged towards the $64,000 degree. A brand new multi-week high was shaped close to $64,000 earlier than there was a pointy decline after the Coinbase outage. The worth dived towards the $58,000 help zone. A low was shaped close to $57,919 and the worth began a recent rally.

It is again above the $60,000 resistance. There was a transfer above the 50% Fib retracement degree of the downward transfer from the $64,000 swing excessive to the $57,919 low.

Bitcoin is now buying and selling above $60,000 and the 100 hourly Simple transferring common. There can be a connecting bullish pattern line forming with help at $60,950 on the hourly chart of the BTC/USD pair. Immediate resistance is close to the $62,500 degree. It is close to the 76.4% Fib retracement degree of the downward transfer from the $64,000 swing excessive to the $57,919 low.

Source: BTCUSD on TradingView.com

The subsequent key resistance might be $64,000, above which the worth might rise towards the $65,000 resistance zone. If the bulls stay in motion, the worth might even surpass $65,000 and check $66,400. The primary hurdle for them is seen close to the $68,000 zone.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $62,500 resistance zone, it might begin a draw back correction. Immediate help on the draw back is close to the $60,800 degree and the pattern line.

The first main help is $60,000. If there’s a shut under $60,000, the worth might begin a good pullback towards the $58,000 zone. Any extra losses would possibly ship the worth towards the $56,500 help zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

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

Major Support Levels – $60,800, adopted by $60,000.

Major Resistance Levels – $62,500, $64,000, and $65,000.

Disclaimer: The article is offered for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your personal analysis earlier than making any funding selections. Use data offered on this web site completely at your personal threat.