Bitcoin Price Breaks $62K: Rising Bullish Momentum, Will Prices Go Higher?
July 14 2024 - 10:58PM
NEWSBTC
Bitcoin price started a strong increase and broke the $62,000
resistance level. BTC is showing positive signs and might rise
toward the $63,200 level. Bitcoin gained bullish momentum above the
$60,500 resistance zone. The price is trading above $61,500 and the
100 hourly Simple moving average. There is a key bullish trend line
forming with support at $61,000 on the hourly chart of the BTC/USD
pair (data feed from Kraken). The pair might continue to move up if
it breaks the $62,500 support. Bitcoin Price Regains Strength
Bitcoin price started a decent increase above the $59,500 and
$60,000 resistance levels. BTC even cleared the $60,500 resistance
to move into a positive zone. It sparked a strong increase and the
price climbed above the $62,000 level. It even tested the $62,500
level. A high was formed at $62,493 and the price is now
consolidating gains. It is trading well above the 23.6% Fib
retracement level of the upward move from the $56,593 swing low to
the $62,493 high. Bitcoin price is now trading above $61,500 and
the 100 hourly Simple moving average. There is also a key bullish
trend line forming with support at $61,000 on the hourly chart of
the BTC/USD pair. Immediate resistance on the upside is near the
$62,500 level. The first key resistance is near the $62,800 level.
A clear move above the $62,800 resistance might start a decent
increase in the coming sessions. The next key resistance could be
$63,200. The next major hurdle sits at $63,500. A close above the
$63,500 resistance might start a steady increase and send the price
higher. In the stated case, the price could rise and test the
$65,000 resistance. Are Dips Supported In BTC? If Bitcoin fails to
climb above the $62,500 resistance zone, it could start a downside
correction. Immediate support on the downside is near the $61,500
level. The first major support is $61,000 and the trend line zone.
The next support is now near $60,000. Any more losses might send
the price toward the $59,500 support zone in the near term.
Technical indicators: Hourly MACD – The MACD is now gaining pace in
the bullish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now above the 50 level. Major Support Levels –
$61,500, followed by $61,000. Major Resistance Levels – $62,500,
and $63,500.
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