Bitcoin ’s price has recently experienced a surge, breaking through the crucial $62,000 resistance. Currently, BTC is in a consolidation phase, with potential for further upward movement if it can surpass the $63,000 level.
Although Bitcoin has made significant strides, it faces challenges in overcoming the $63,200 resistance area. The current trading position is above $61,500, supported by the 100-hourly simple moving average. A short-term declining channel is developing, which indicates resistance at around $63,000 according to recent trade data. Achieving a conclusive close above the $63,200 level could help BTC gain the momentum needed for further increases.
After establishing a solid base, Bitcoin advanced above the $61,200 level and successfully crossed the $62,000 barrier. This upward movement allowed the price to touch as high as $63,445, although a temporary pullback followed. This decline pushed Bitcoin beneath the $63,000 level, including a small dip below the 23.6% Fibonacci retracement point linked to its upward trajectory from the recent swing low of $58,888.
Bitcoin ’s current trading range indicates strong resistances ahead. The immediate resistance sits at $63,200, and surpassing this could pave the way for a rise towards $63,500. If Bitcoin can break this key resistance, it may aim for additional targets, such as $64,500 or even $65,000.
Conversely, should Bitcoin fail to break above $63,200, a retracement could ensue. Immediate support levels are positioned near $62,250, followed by stronger support around $62,000. A further decline could lead to a test of the $61,150 area, nearing the 50% Fibonacci retracement. Continued losses might take Bitcoin towards the $60,000 support level in the near term.
From a technical perspective, the indicators show contrasting signals, with the hourly MACD indicating a slowdown in momentum, while the RSI remains above the neutral 50 line, suggesting potential for further upward movement if conditions permit.
