Bitcoin’s price has once again surged, breaking past the $60,500 resistance level, riding a bullish wave following a 0.50% rate cut by the Federal Reserve. This unexpected economic move propelled BTC, pushing it toward the $62,500 mark.
BTC successfully found support above the $58,500 level and began its ascent beyond the $60,000 threshold. The climb continued, breaking through the $60,500 level, notably surpassing a short-term declining channel at $60,000, as seen in the hourly chart of the BTC/USD pair. This movement brought the price to test the $62,500 resistance zone, peaking at $62,535 before entering a consolidation phase.
Despite a slight dip below $62,000, Bitcoin tested the 23.6% Fibonacci retracement level of its upward trajectory from a swing low of $59,164 to a high of $62,535. Currently, BTC remains solidly above $60,500 and the 100-hourly Simple Moving Average (SMA).
On the upside, potential resistance levels are observed near $62,200, with a more significant challenge at $62,500. A strong move past this level could initiate a steady rise, targeting the next resistance at $63,200. If Bitcoin manages to close above $63,200, it might surge further, potentially testing the $64,500 level.
Conversely, if Bitcoin fails to overcome the $62,500 resistance, it could see a downside correction. Immediate support is around $61,750, with major support found at $61,250 and $60,850 — correlating to the 50% Fib retracement level from the $59,164 low to the $62,535 high. Any additional losses could send BTC down toward the $60,000 support in the near term.
Technical indicators reflect this bullish momentum, with the hourly MACD gaining traction and the hourly RSI for BTC/USD staying above the 50 mark. Key support levels to watch include $61,250 and $60,850, while significant resistance levels are noted at $62,500 and $63,200.
