Bitcoin Price Gains Momentum: Can The Bullish Rally Continue?
The price of Bitcoin has once again resumed its climb, surpassing the key resistance level at $62,000. With BTC currently consolidating, market analysts are speculating whether the rally is back on track, eyeing potential upside targets above $63,000.
- Bitcoin is currently facing challenges in maintaining its upward momentum above the $63,200 zone.
- The price remains well-supported above $61,500 and the 100-hourly Simple Moving Average.
- An observable short-term declining channel has formed, indicating resistance near $63,000 on the BTC/USD pair’s hourly chart (data feed from Kraken).
- A conclusive breakthrough of the $63,200 resistance zone could reignite traction for Bitcoin.
Bitcoin Price Holds Steady Support
After consolidating and finding its foothold above the resistance at $61,200, the price of Bitcoin experienced a fresh surge, surpassing $62,000 and entering a positive zone. However, the upward movement was met with selling pressure, resulting in a minor decline below $63,000.
Despite the slight setback, Bitcoin continues to trade above $62,000 and the 100-hourly Simple Moving Average. Moving forward, the price could encounter further resistance around the $63,000 level. Furthermore, a short-term declining channel has taken shape on the hourly chart of the BTC/USD pair, pointing to resistance at $63,000.
The initial key resistance level to watch is around $63,200. A decisive breakthrough above this barrier might pave the way for further price appreciation, with the next significant resistance potentially being at $63,500.
In such a scenario, a close above the $63,200 resistance level could trigger additional gains, propelling the price towards the $64,500 resistance level. Should the bullish momentum persist, Bitcoin has the potential to test the $65,000 resistance level.
Possible Downturn in BTC?
If Bitcoin fails to surpass the resistance zone at $63,200, it could experience a new downturn. Immediate support on the downside is expected around the $62,250 level.
The first major support level lies at approximately $62,000, followed by the next support level near $61,150 or the 50% Fibonacci retracement level of the recent upward movement from the swing low at $58,888 to the swing high at $63,445. Any further losses may drive the price towards the $60,000 support level in the short term.
Technical indicators:
Hourly MACD – The MACD is currently showing signs of losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $62,000, followed by $61,150.
Major Resistance Levels – $63,000, and $63,500.