Bitcoin’s price has increased by nearly 5%, moving above $62,500, and is now testing the $63,500 resistance zone with a positive outlook. It established a stable base above $60,000, allowing it to rise past the $61,500 resistance zone.
Breaking a key bearish trend line at $61,000 on the BTC/USD hourly chart helped the bulls push the price above the $62,500 resistance, bringing it up nearly 5% and trading close to the $63,650 resistance zone.
Bitcoin Price Analysis: Potential Resistance Levels Ahead
Bitcoin’s price is trading above $62,500 and the 100-hourly Simple Moving Average. It remains stable and is well above the 23.6% Fib retracement level of the upward move from the $59,949 swing low to the $63,675 high.
If there is another increase, the price could face resistance near the $63,650 level. The first key resistance is near the $64,000 level, and the next key resistance could be $64,400. A clear move above the $64,400 resistance might start a steady increase and send the price higher.
Source: BTCUSD on TradingView.com
In this case, the price could rise and test the $65,500 resistance. Any further gains might push BTC toward the $66,000 resistance in the near term.
Bitcoin Price Correction: Potential Support Levels
If Bitcoin fails to climb above the $63,650 resistance zone, it could start a downside correction. Immediate support on the downside is near the $62,800 level.
The first major support is $61,800, along with the 50% Fib retracement level of the upward move from the $59,949 swing low to the $63,675 high. The next support is forming near $61,250 and the 100-hourly Simple Moving Average. Any further losses might send the price toward the $60,500 support zone in the near term.
Technical Indicators:
- Hourly MACD: The MACD is gaining pace in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level.
Major Support Levels: $62,800, followed by $61,800.
Major Resistance Levels: $63,650, and $64,400.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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