Bitcoin price has surged past the $60,000 mark, reclaiming its previous highs. The rally seems to be resuming as BTC is up over 10% and signaling further upside potential in the near term.
The price of Bitcoin started a steady upward movement, breaking through key resistance levels at $56,500 and $58,250. Currently, it is trading above $60,000 and the 100 hourly Simple moving average, indicating a bullish trend.
On the hourly chart of the BTC/USD pair, there is a bullish trend line forming with support at $60,000. If the price continues to rise, it might encounter resistance around the $62,000 and $62,500 levels. A clear breakthrough above $62,500 could lead to even higher gains. The next significant resistance levels to watch out for are at $63,500 and $65,000.
If the price fails to surpass the $62,500 resistance zone, a downside correction could occur. Immediate support lies around $60,700, followed by $60,000 and the trend line. Further support can be found near $57,750, which is the 61.8% Fib retracement level. However, if the downward momentum persists, Bitcoin might reach the $55,000 support zone.
The technical indicators also suggest a bullish scenario, as the hourly MACD is gaining momentum in the bullish zone and the RSI for BTC/USD is above the 50 level.
Overall, the rally in Bitcoin appears to be resuming, with the price reclaiming $60,000 and showing signs of further gains. However, traders should remain cautious of potential corrections and monitor key support and resistance levels for any shifts in market sentiment.