Bitcoin price started a decent increase above the $59,500 and $60,000 resistance levels. BTC even cleared the $60,500 resistance to move into a positive zone.
Bitcoin price began a strong increase and broke through the $62,000 resistance level. BTC is displaying positive signs and could continue its ascent toward the $63,200 level.
Bitcoin Price Shows Strength
Bitcoin price initiated a solid increase above the $59,500 and $60,000 resistance levels. BTC even surpassed the $60,500 resistance to enter a bullish zone. This triggered a strong increase, and the price quickly climbed above the $62,000 level.
It even approached the $62,500 resistance. A high was established at $62,493, and the price is currently consolidating its gains. It is trading significantly above the 23.6% Fib retracement level of the upward move from the $56,593 swing low to the $62,493 high.
Bitcoin price is now trading above $61,500 and the 100 hourly Simple moving average.
Moreover, a crucial bullish trend line is forming with support at $61,000 on the hourly chart of the BTC/USD pair.
Immediate resistance to the upside is around the $62,500 level. The first key resistance is near the $62,800 level. A decisive move above the $62,800 resistance could initiate a strong increase in the upcoming sessions. The next key resistance is at $63,200.
The next major hurdle is at $63,500. A close above the $63,500 resistance could lead to a sustained increase, driving the price higher. In such a scenario, the price might continue its ascent and encounter the $65,000 resistance.
Are Dips In BTC Supported?
If Bitcoin fails to climb above the $62,500 resistance zone, it may begin a downside correction. Immediate support to the downside is around the $61,500 level.
The first major support is at $61,000 and the trend line zone. The next support is now near $60,000. Any further declines could drive the price toward the $59,500 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,500, followed by $61,000.
Major Resistance Levels – $62,500, and $63,500.
The above is the detailed content of Bitcoin (BTC) Price Regains Strength, Breaks $62,000 Resistance Level. For more information, please follow other related articles on the PHP Chinese website!

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