Bitcoin’s price has surged by approximately 5%, surpassing $62,500 and is currently testing the resistance zone of $63,500. This positive movement suggests that BTC bulls may regain control of the market.
Notably, Bitcoin initiated a considerable rise above $62,200 and $62,400 levels and is currently trading above $62,500 and the 100 hourly Simple Moving Average. Additionally, a significant bearish trend line was broken with resistance at $61,000 on the BTC/USD hourly chart.
The recent recovery in Bitcoin’s price comes after it formed a base above the $60,000 zone and experienced stability. It broke the bearish trend line, and the bulls successfully pushed the price above the $62,500 resistance level. As a result, the price is up nearly 5% and currently approaching the $63,650 resistance zone.
Furthermore, Bitcoin’s price is trading above $62,500 and the 100 hourly Simple Moving Average, remaining stable and well above the 23.6% Fib retracement level from the recent upward swing. If the price continues to increase, it may encounter resistance near $63,650, followed by $64,000 and $64,400. A clear breakthrough above $64,400 could potentially initiate a steady rise towards $65,500 and subsequently $66,000.
However, if Bitcoin fails to surpass the $63,650 resistance zone, a downside correction might occur. Immediate support lies around $62,800, while the first major support is at $61,800, accompanied by the 50% Fib retracement level. Moreover, the 100 hourly Simple Moving Average is forming support near $61,250. Further losses might lead the price towards the $60,500 support zone in the short term.
Currently, the technical indicators for Bitcoin are depicting a bullish trend, with the hourly MACD gaining momentum in the bullish zone, and the hourly RSI (Relative Strength Index) above the 50 level.
In conclusion, the recent spike in Bitcoin’s price suggests the potential for BTC bulls to regain control. However, the resistance near $63,650 must be overcome to solidify further upward movement. On the other hand, if Bitcoin fails to surpass the resistance, a downside correction may occur with support levels at $62,800 and $61,800.