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What Could Trigger Fresh Rally

Bitcoin is displaying optimistic indicators above the $61,200 assist towards the US Dollar. BTC might begin a contemporary rally if it clears the $62,200 resistance zone.

  • Bitcoin is buying and selling in a optimistic zone above the $60,000 and $61,200 ranges.
  • The worth is now buying and selling above $61,200 and the 100 hourly easy transferring common.
  • There is a serious bullish pattern line forming with assist close to $61,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair might begin a contemporary rally and it’d rise in direction of the $63,500 stage within the close to time period.

Bitcoin Price Remains Supported

Bitcoin worth remained robust above the $60,000 zone and traded in a optimistic zone. BTC jumped above the $62,000 stage earlier than beginning a draw back correction.

A excessive was fashioned close to the $62,885 earlier than there was a minor decline. The worth declined beneath the $62,000 and $61,200 ranges. However, the value remained supported close to the $59,200 stage and the 100 hourly easy transferring common.

Recently, the value climbed increased and climbed above $61,200. However, the value is struggling above the $62,200 stage. A excessive was fashioned close to $62,672 earlier than there was one other decline. It traded as little as $59,900 and not too long ago recovered above $61,000.

Bitcoin surpassed the 50% Fib retracement stage of the draw back correction from the $62,672 swing excessive to $59,900 low. There is additionally a serious bullish pattern line forming with assist close to $61,000 on the hourly chart of the BTC/USD pair.

The pair is now testing the 76.4% Fib retracement stage of the draw back correction from the $62,672 swing excessive to $59,900 low. On the upside, an preliminary resistance is close to the $62,000 stage. The first key resistance is close to the $62,200 stage.

Bitcoin Price

Source: BTCUSD on TradingView.com

A transparent break above the $62,200 resistance might open the doorways for extra upsides. The subsequent main resistance sits close to the $63,500 stage, above which the value may rise in direction of the $65,000 stage.

Dips Supported In BTC?

If bitcoin fails to clear the $62,200 resistance zone, it might begin a draw back correction. An instant assist on the draw back is close to the $61,200 stage.

The first main assist is now forming close to the $61,000 stage, the pattern line, and the 100 hourly SMA. A draw back break beneath the $61,000 stage might push the value in direction of $60,000.

Technical indicators:

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

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

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

Major Resistance Levels – $62,200, $62,850 and $63,500.

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