Bitcoin has surged above the $58,000 and $60,000 marks, experiencing more than a 10% increase, and is signaling further growth in the near term.
The cryptocurrency embarked on a steady rise, overcoming resistance levels at $56,500 and $58,250. Currently trading above $60,000 and comfortably situated above the 100-hourly simple moving average, Bitcoin appears poised for additional gains. Accompanying this upward trajectory is a bullish trend line with support established at $60,000 on the hourly chart of the BTC/USD pair.
On the upside, Bitcoin is encountering resistance around the $62,000 level, with the first significant barrier at $62,500. A clear movement past this resistance could propel the price higher in upcoming sessions, targeting the next critical level at $63,500. The major hurdle beyond that is at $65,000, and a close above this point could trigger further bullish activity, potentially pushing the price to test the $67,000 resistance.
Should Bitcoin fail to breach the $62,500 resistance, a downside correction might ensue. Immediate support lies near the $60,700 level, with major support at $60,000 and the trend line. Further down, support is found near $57,750, which aligns with the 61.8% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high. Additional losses could drive the price towards the $55,000 support zone.
Technical indicators reflect a strong bullish momentum. The hourly MACD is gaining pace in the positive zone, while the hourly RSI for BTC/USD sits comfortably above the 50 level, suggesting that buying pressure remains robust.
Major levels to watch include support at $60,700 and $60,000, and resistance at $62,000 and $62,500. Bitcoin’s recent performance hints at a potentially exciting period ahead for investors and market watchers.
