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Bitcoin value is gaining momentum above the $62,000 resistance. BTC is signaling an upside break and may surge towards the $65,000 resistance.

• Bitcoin value is shifting larger from the $61,200 assist zone.
• The value is buying and selling above $62,500 and the 100 hourly Simple shifting common.
• There was a break above a key bearish pattern line with resistance at $62,300 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might speed up larger towards the $65,000 resistance and even $65,730.

Bitcoin Price Regains Strength

Bitcoin value remained well-bid above the $60,000 assist zone. A base was fashioned, and the worth began a fresh increase above the $62,000 resistance.

There was a break above a key bearish pattern line with resistance at $62,300 on the hourly chart of the BTC/USD pair. The pair even cleared the 76.4% Fib retracement degree of the downward transfer from the $63,583 swing excessive to the $60,108 low.

Bitcoin is now buying and selling above $62,500 and the 100 hourly Simple shifting common. Immediate resistance is close to the $63,800 degree. The subsequent key resistance might be $64,500, above which the worth might rise towards the $65,000 resistance zone.

Source: BTCUSD on TradingView.com

If the bulls stay in motion, the worth might even surpass $65,000 and check $65,500. Any extra positive factors may ship the worth towards the 1.618 Fib extension degree of the downward transfer from the $63,583 swing excessive to the $60,108 low at $65,730.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $64,000 resistance zone, it might begin one other draw back correction. Immediate assist on the draw back is close to the $62,750 degree.

The first main assist is $62,250 or the 100 hourly SMA. If there’s a shut under $62,250, the worth might begin a good pullback towards the $61,000 zone. Any extra losses may ship the worth towards the $60,000 assist 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 – $62,750, adopted by $62,250.

Major Resistance Levels – $63,800, $65,000, and $65,730.

Disclaimer: The article is supplied 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 info supplied on this web site solely at your personal danger.