Bitcoin’s price has seen a positive spike of nearly 5%, reaching above $62,500 and testing the $63,500 resistance zone. This increase comes after Bitcoin formed a base above the $60,000 zone and started a decent rise above the $61,500 resistance level. The price is currently trading above $62,500 and the 100 hourly Simple Moving Average, showing stability and a positive angle.
There was a significant breakthrough above a major bearish trend line with resistance at $61,000 on the hourly chart of the BTC/USD pair. This bullish momentum allowed the price to surge above the $62,500 resistance level, approaching the $63,650 resistance zone. If Bitcoin continues to rise, it could face hurdles near $64,000 and $64,400, with a clear move above $64,400 potentially leading to a steady increase.
On the flip side, if Bitcoin struggles to surpass the $63,650 resistance zone, it might initiate a downside correction. Immediate support is seen near $62,800, followed by $61,800 and $61,250 levels. The 100 hourly Simple Moving Average is also forming support around $61,250. Further losses could bring the price towards the $60,500 support zone in the near term.
Technical indicators show that the MACD is gaining pace in the bullish zone, while the RSI for BTC/USD is above the 50 level. This suggests a positive sentiment in the market, but traders should remain cautious and conduct their own research before making any investment decisions.
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In conclusion, Bitcoin’s price surge and positive momentum indicate a potential for further gains, but traders should exercise caution and conduct thorough research before making any investment decisions. Aayush Jindal’s expertise and insights serve as valuable resources in navigating the volatile world of cryptocurrency trading.