Bitcoin price has been holding steady above the $60,000 zone, showing signs of consolidation after recent gains. The bulls are eyeing a potential move above the resistance zone at $62,000. This stability in price indicates a strong support level for BTC.
The hourly chart of the BTC/USD pair from Kraken reveals a key bullish trend line forming with support at $59,800. Additionally, the price is trading above $59,500 and the 100 hourly Simple Moving Average. These technical indicators suggest a positive outlook for Bitcoin’s price movement.
Bitcoin managed to remain above the $58,500 pivot level, signaling a solid base for further upward movement. The bulls were successful in pushing the price above key resistance levels at $60,200 and $60,500, indicating a bullish momentum in the market. Moreover, the price action hints at a potential increase above the 23.6% Fib retracement level, showcasing strong bullish sentiment.
With Bitcoin trading above $60,200 and the 100 hourly SMA, the price is now consolidating near the 50% Fib retracement level. A clear break above the $61,800 resistance level could pave the way for more upside potential. The next major hurdle for BTC lies at $62,000, which, if breached, could lead to further gains in the near term.
In case Bitcoin fails to surpass the $61,800 resistance zone, a downside correction might be witnessed. Immediate support levels are identified near $60,200 and $59,800, with further support at the $58,500 zone. A breach of these levels could trigger a bearish trend towards the $58,000 support zone or even $57,500.
Overall, the current price action for Bitcoin suggests a positive outlook, with bulls aiming for a break above key resistance levels. Technical indicators like the MACD and RSI further support the bullish trend, indicating potential upside momentum for BTC. Traders and investors should closely monitor the price movement around the critical resistance levels to gauge the future direction of Bitcoin’s price.
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