- Bitcoin price started a fresh increase above the $62,000 zone against the US Dollar.
- The price is now trading above $62,000 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $62,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to move higher if there is a break above $64,500.
Bitcoin price is back above the $62,000 pivot level against the US Dollar. BTC could accelerate higher if there is a clear break above $64,500 and $65,000.
Bitcoin Price Analysis
Bitcoin price remained in a positive zone above the $60,000 level. As a result, BTC started a fresh increase above the $62,000 and $62,500 resistance levels.
The price gained pace for a move above the $63,500 level and the 55 simple moving average (4-hours). There was also a break above a major bearish trend line with resistance near $62,000 on the 4-hours chart of the BTC/USD pair.
The pair traded as high as $64,300 before it started a minor decline. There was a break below the $64,000 level and the $63,500 support zone. Bitcoin tested the 23.6% Fib retracement level of the upward move from the $57,653 swing low to $64,300 high.
It is now trading above $62,000 and the 55 simple moving average (4-hours). On the upside, an initial resistance is near the $63,500 level. The main resistance is forming near the $64,300 zone. A close above the $64,300 zone is needed for a fresh increase. In the stated case, the price is likely to rise steadily towards the $65,500 level.
On the downside, an initial support is near the $62,750 level. The next key support is forming near the $62,000 level, below which the price could decline towards the $61,000 level and the 55 SMA.
Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $57,653 swing low to $64,300 high.
Looking at the chart, bitcoin price is clearly trading above $62,000 and the 55 simple moving average (4-hours). Overall, the price could continue to move higher if there is a break above $64,500.
Technical indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $62,000 and $61,000.
Key Resistance Levels – $63,500, $64,300 and $65,500.
