Bitcoin ’s recent price movement has shown significant bullish momentum, with the cryptocurrency trading above key resistance levels. After surpassing the $61,500 level, Bitcoin gained traction and moved past $63,300, currently consolidating gains above $62,500.
The price remains above the significant $62,200 resistance point, accompanied by the 100-hour Simple Moving Average, indicating a potentially strong upward trend. A notable bullish trend line has emerged, with support established at $61,500 on the hourly chart of the BTC/USD pair, suggesting that as long as Bitcoin trades above this support range, it could further extend its gains.
Continuing its upward trajectory, Bitcoin has now risen above the $60,500 mark and has broken through both the $61,200 and $61,500 resistance levels, entering a positive trading environment. The price surged to a peak of $63,840 before experiencing a minor retracement. A recent dip brought the price to test the 23.6% Fibonacci retracement level of its climb from a swing low of $59,165 to the aforementioned high.
As Bitcoin continues to stabilize above $62,500, the outlook remains cautiously optimistic. The price may encounter resistance near the $63,500 level, with a primary resistance identified at $63,800. Should Bitcoin successfully break above the $68,400 resistance, it could pave the way for substantial gains, with the next target potentially being the $64,500 mark, which might lead to a test of $65,000.
However, should Bitcoin struggle to exceed the $63,500 resistance, a correction may occur. Immediate downside support is located around the $62,700 level, with significant support at $61,500 and a further support zone near $61,000. If selling pressure intensifies, the price could potentially approach the $60,500 support level. The technical indicators reveal a weakening of bullish momentum with the MACD while the RSI remains above the neutral level, indicating ongoing interest in this price region.
