Bitcoin has recently seen a significant upward movement, surpassing the $61,500 resistance level. The cryptocurrency escalated past the $63,300 mark and is currently consolidating its gains above $62,500.
The digital asset is showing strong momentum, trading securely above the $62,500 threshold as well as the 100 hourly simple moving average. A critical bullish trend line has emerged, offering support at $61,500 on the hourly BTC/USD chart.
Bitcoin’s price extended its rally, moving well beyond the $60,500 level. It successfully breached the $61,200 and $61,500 resistance points, entering a positive zone. The surge continued as the bulls drove the price above $62,500 and $63,000. The apex of this move was recorded at $63,840 before the price began to consolidate. After reaching this high, Bitcoin experienced a slight dip, momentarily dropping below the $63,500 level and testing the 23.6% Fibonacci retracement level from its rise from a $59,165 low to the $63,840 peak.
Currently, Bitcoin is maintaining its position above $62,500, bolstered by the 100 hourly simple moving average and the substantial bullish trend line with support at $61,500 on the BTC/USD hourly chart. The price may face resistance around the $63,500 mark, but the primary hurdle lies near $63,800. Should Bitcoin surpass the $68,400 resistance, it could see a further rise, potentially hitting the next major resistance level at $64,500. A close above $64,500 may ignite additional upside momentum, pushing the price toward the $65,000 resistance zone.
In the event Bitcoin fails to overcome the $63,500 resistance level, it could enter a downward correction phase. Initial support on the downside is expected near the $62,700 level, with a more significant support zone near $61,500 along with the trend line. Further support is identified near the $61,000 level, which aligns with the 61.8% Fibonacci retracement of the recent move from $59,165 to $63,840. Any additional losses may see the price revisit the $60,500 support area in the short term.
Technical indicators suggest the hourly MACD is beginning to lose momentum within the bullish zone, while the hourly RSI for BTC/USD remains above the 50 level. Key support levels are set at $62,700 followed by $61,500, whereas major resistance levels are positioned at $63,500 and $63,800.
