Bitcoin Attempts Fresh Increase, Why BTC Could Struggle Near $62K


Bitcoin worth began a recent enhance above $60,000 towards the US Dollar. BTC is rising and it might try an upside break above the $62,000 resistance.

  • Bitcoin managed to pump above the $60,000 and $61,000 ranges.
  • The worth is now buying and selling above $61,000 and the 100 hourly easy transferring common.
  • There is a significant bearish pattern line forming with resistance close to $61,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair should settle above $62,000 to start out a significant enhance within the close to time period.

Bitcoin Price Starts Fresh Increase

Bitcoin worth discovered assist close to $58,140 and began a recent enhance. BTC was capable of break the $60,000 and $60,500 resistance ranges to maneuver right into a optimistic zone.

The worth even settled above the $60,500 degree and the 100 hourly easy transferring common. There was additionally a break above the 50% Fib retracement degree of the important thing decline from the $63,700 swing excessive to $58,140 low. It is now going through resistance close to the $61,650 and $61,800 ranges.

There can be a significant bearish pattern line forming with resistance close to $61,650 on the hourly chart of the BTC/USD pair. Bitcoin can be going through barrier close to the $62,000 degree.

Source: BTCUSD on TradingView.com

It is close to the 61.8% Fib retracement degree of the important thing decline from the $63,700 swing excessive to $58,140 low. A transparent break above the pattern line resistance after which $62,000 could presumably name open the doorways for a transfer in the direction of the $63,000 degree. The subsequent main resistance sits close to the $64,000 degree.

Fresh Decline In BTC?

If bitcoin fails to clear the $62,000 resistance zone, it might begin a recent decline. An fast assist on the draw back is close to the $61,000 degree. The first main assist is now forming close to the $60,500 degree.

A break beneath the $60,500 assist could presumably put numerous strain on the bulls within the close to time period. The subsequent key assist is close to the $60,000 degree, beneath which there’s a danger of a bigger decline. In the acknowledged case, the worth would possibly slide in the direction of the $58,500 degree.

Technical indicators:

Hourly MACD – The MACD is slowly shedding tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.

Major Support Levels – $60,500, adopted by $60,000.

Major Resistance Levels – $61,650, $62,000 and $63,200.

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