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Bitcoin's price has further risen above $62,000. BTC is currently consolidating gains below the $60,000 resistance zone and may soon attempt to retest the $64,000 resistance level.
Bitcoin's price is consolidating gains below the $60,000 resistance area. The price is above $60,500 and the 100-hour simple moving average. On the hourly chart of BTC/USD, there is an ascending trendline forming, with support near $60,950 (data from Kraken). This could lead the currency to extend its current uptrend towards the $64,000 resistance zone.
Bitcoin Price Breaks $50,000
Bitcoin's price remains above the $58,000 resistance zone. BTC has formed a new support base and initiated another rebound. It has risen by over 10%, surpassing many obstacles near $60,000 and $62,000.
The price even surged to the level of $64,000. A multi-week high was formed around $64,000 before a significant drop occurred after a Coinbase outage. The price plummeted to the support zone near $58,000, forming a low around $57,919, and initiated a new rebound.
It returned above the $60,000 resistance. From the swing high near $64,000 to the low at $57,919, there was a move above the 50% Fib retracement level.
Bitcoin is now trading above $60,000 and the 100-hour simple moving average. On the hourly chart of BTC/USD, there is also an ascending trendline forming, with support at $60,950. Immediate resistance is near the $62,500 level. It is close to the 76.4% Fib retracement level of the downward move from the swing high at $64,000 to the low at $57,919.
Source: BTCUSD on TradingView.com
The next crucial resistance level may be $64,000. Beyond this level, the price could rise to the $65,000 resistance zone. If the bulls continue their action, the price might even test $66,400. The major hurdle they face is around the $68,000 range.
Can BTC Support a Dip?
If Bitcoin fails to break the $62,500 resistance zone, it may start a downside correction. The immediate support for a decline is near the $60,800 level and the trendline.
The first major support is at $60,000. If the closing price is below $60,000, the price may start a retracement towards the $58,000 range. Further losses could push the price towards the support zone at $56,500.
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 – $60,800, followed by $60,000.
Major Resistance Levels – $62,500, $64,000, and $65,000. |
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Post time 6-3-2024 20:51:38