Bitcoin has initiated a significant upward movement, recently surpassing the $60,500 resistance threshold. Following a recent decision by the Federal Reserve to cut interest rates by 0.50%, the cryptocurrency has experienced a bullish trend, making its way towards the $62,500 level.
Trading data indicates that Bitcoin is currently positioned above the $60,200 resistance level, maintaining momentum above both the $60,500 mark and the 100-hour Simple Moving Average. Notably, a breakout occurred above a short-term declining channel, which had previously capped the price at $60,000. This positive action in the market positions Bitcoin well for potential further gains, provided it stays above the crucial $60,500 support level.
In a display of strength, Bitcoin ’s price jumped by approximately 5%, managing to hold steady above the $58,500 level. After the Fed’s unexpected rate cut, Bitcoin was quick to build a solid base and break past the $60,000 resistance. The cryptocurrency reached a peak at $62,535 before entering a consolidation phase, during which it temporarily dipped below the $62,000 level, testing the 23.6% Fib retracement level from the recent upward move.
Currently, Bitcoin is trading above the $60,500 resistance and the 100-hour Simple Moving Average. On the upside, it may encounter challenges around the $62,200 level, with the immediate resistance sitting at $62,500. A decisive break past this point could lead to a sustained upward trend. Should the momentum continue, the next significant resistance level is identified at $63,200, with potential further gains towards $64,500.
However, if Bitcoin struggles to breach the $62,500 resistance, a correction may ensue. Immediate support is noted near $61,750, with more substantial support levels located at $61,250 and around $60,850, which corresponds to the 50% Fib retracement level. Any further declines from these points could bring Bitcoin closer to the $60,000 support in the near term.
