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TA: Bitcoin Gearing For Lift-Off to $65K: Rally Isn’t Over Yet

Bitcoin is gaining tempo above the $60,000 zone towards the US Dollar. BTC might speed up greater in the direction of the $65,000 resistance zone within the close to time period.

  • Bitcoin began a recent enhance and it broke the $60,000 degree.
  • The value is now buying and selling above $62,000 and the 100 hourly easy shifting common.
  • There was a break above a significant bearish pattern line with resistance close to $60,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might proceed greater in the direction of the $63,500 degree within the close to time period.

Bitcoin Price Gains Momentum

Bitcoin value settled above the $60,000 zone to transfer additional right into a bullish territory. BTC even broke the $61,500 and $62,000 resistance ranges.

A excessive was shaped close to the $62,887. Recently, there was a minor draw back correction under the $62,000 pivot zone. The value declined under the $60,000 help degree and the 100 hourly easy shifting common.

However, downsides have been restricted under the $58,800 degree. A low was shaped close to $58,888 earlier than the worth began a recent enhance. There was a transparent break above the $60,000 degree and the 100 hourly SMA. The value surpassed the 50% Fib retracement degree of the draw back correction from the $62,887 swing excessive to $58,888 low.

There was additionally a break above a significant bearish pattern line with resistance close to $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling above the 76.5% Fib retracement degree of the draw back correction from the $62,887 swing excessive to $58,888 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an preliminary resistance is close to the $62,500 degree. The first key resistance is close to the $62,850 degree. A transparent break above the $62,850 resistance might open the doorways for extra upsides. The subsequent main resistance sits close to the $63,500 degree, above which the worth would possibly surge in the direction of the $65,000 degree within the close to time period.

Dips Limited In BTC?

If bitcoin fails to clear the $62,500 resistance zone, it might begin a draw back correction. An fast help on the draw back is close to the $61,200 degree.

The first main help is now forming close to the $60,000 degree (the latest breakout zone) and the 100 hourly SMA. A draw back break under the $60,000 degree might spark a bigger correction.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 degree.

Major Support Levels – $61,200, adopted by $60,000.

Major Resistance Levels – $62,500, $62,850 and $63,500.

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