Categories: Bitcoin Latest News

Bitcoin Price Reclaims $60K: Is The Rally Resuming?

Bitcoin price gained pace for a move above $58,000 and $60,000. BTC is up over 10% and is signaling more upsides in the near term.

Bitcoin started a decent increase above the $56,500 and $58,250 levels.
The price is trading above $60,000 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might eye more upsides above the $62,500 resistance zone.

Bitcoin Price Could Extend Gains

Bitcoin price started a decent increase above the $55,500 resistance zone. BTC was able to clear the $56,500 and $58,250 resistance levels to move into a positive zone.

The bulls even pumped the price above the $60,000 resistance. The price is up over 10% and the recent high was formed at $62,700. The price is now consolidating gains near the 23.6% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high.

Bitcoin price is now trading above $60,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $60,000 on the hourly chart of the BTC/USD pair.

On the upside, the price could face resistance near the $62,000 level. The first key resistance is near the $62,500 level. A clear move above the $62,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $63,500.

The next major hurdle sits at $65,000. A close above the $65,000 resistance might spark bullish moves. In the stated case, the price could rise and test the $67,000 resistance.

Are Dips Limited In BTC?

If Bitcoin fails to rise above the $62,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $60,700 level.

The first major support is $60,000 and the trend line. The next support is now near $57,750 or the 61.8% Fib retracement level of the upward move from the $54,556 swing low to the $62,700 high. Any more losses might send the price toward the $55,000 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 – $60,700, followed by $60,000.

Major Resistance Levels – $62,000, and $62,500.

[#item_full_content]NewsBTCRead More

Recent Posts

Bitcoin Price Could Peak In 200 Days, Before US Recession In Mid-2025, Report Says

The current Bitcoin (BTC) rally could extend until mid-2025, with a potential price peak before…

4 hours ago

Bitcoin Price Steadies at $90K: Is Another Rally in Sight?

Bitcoin price extended gains above $90,000. BTC is now consolidating gains near $90,000 and might…

4 hours ago

Bitcoin Expected To Hit $100,000 Before 2025, According To Kalshi Data

Bitcoin (BTC) has hit new highs in recent days, with many users of crypto betting…

5 hours ago

The Protocol: Reinvent Ethererum, and Just Don’t Break Bitcoin

In founding editor Bradley Keoun's last issue of The Protocol, CoinDesk's weekly newsletter devoted to…

11 hours ago

Bitcoin Consolidates After Recent Surge – Metrics Reveal Moderate Selling Pressure

Bitcoin has reached a new all-time high of $90,243 following a week of relentless upward…

12 hours ago

The Truth About Bitcoin Price Models: Stock-to-Flow, Power Law, and Beyond

Predicting Bitcoin's price has always been a hot topic for investors. Matt Crosby, lead market…

12 hours ago