9 August 2024
Bitcoin price gained pace for a move above $58,000 and $60,000. BTC is up over 10% and is signaling more upsides in the near term.
Bitcoin started a decent increase above the $56,500 and $58,250 levels.
The price is trading above $60,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might eye more upsides above the $62,500 resistance zone.
Bitcoin Price Could Extend Gains
Bitcoin price started a decent increase above the $55,500 resistance zone. BTC was able to clear the $56,500 and $58,250 resistance levels to move into a positive zone.
The bulls even pumped the price above the $60,000 resistance. The price is up over 10% and the recent high was formed at $62,700. The price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high.
Bitcoin price is now trading above $60,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $60,000 on the hourly chart of the BTC/USD pair.
On the upside, the price could face resistance near the $62,000 level. The first key resistance is near the $62,500 level. A clear move above the $62,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $63,500.
The next major hurdle sits at $65,000. A close above the $65,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $67,000 resistance.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $62,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $60,700 level.
The first major support is $60,000 and the trend line. The next support is now near $57,750 or the 61.8% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high. Any more losses might send the price toward the $55,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $60,700, followed by $60,000.
Major Resistance Levels – $62,000, and $62,500.