Bitcoin Price Sees Wild Swing Moves, Uptrend To Extend Toward $70K?

Bitcoin worth rallied additional above $62,000. BTC is now consolidating positive factors and may quickly try one other upward transfer towards the $64,000 resistance.

• Bitcoin worth is consolidating positive factors under the $60,000 resistance zone.
• The worth is buying and selling above $60,500 and the 100 hourly Easy shifting common.
• There’s a connecting bullish pattern line forming with help at $60,950 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may lengthen its present rally towards the $64,000 resistance zone.

Bitcoin Worth Jumps Over $5K

Bitcoin worth remained sturdy above the $58,000 resistance zone. BTC shaped a recent help base and began one other rally. It gained over 10% and broke many hurdles close to $60,000 and $62,000.

The worth even surged towards the $64,000 stage. A brand new multi-week excessive was shaped close to $64,000 earlier than there was a pointy decline after the Coinbase outage. The worth dived towards the $58,000 help zone. A low was shaped close to $57,919 and the worth began a recent rally.

It’s again above the $60,000 resistance. There was a transfer above the 50% Fib retracement stage of the downward transfer from the $64,000 swing excessive to the $57,919 low.

Bitcoin is now buying and selling above $60,000 and the 100 hourly Easy shifting common. There’s additionally a connecting bullish pattern line forming with help at $60,950 on the hourly chart of the BTC/USD pair. Instant resistance is close to the $62,500 stage. It’s close to the 76.4% Fib retracement stage of the downward transfer from the $64,000 swing excessive to the $57,919 low.

Supply: BTCUSD on TradingView.com

The following key resistance could possibly be $64,000, above which the worth may rise towards the $65,000 resistance zone. If the bulls stay in motion, the worth may even surpass $65,000 and take a look at $66,400. The principle hurdle for them is seen close to the $68,000 zone.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $62,500 resistance zone, it may begin a draw back correction. Instant help on the draw back is close to the $60,800 stage and the pattern line.

The primary main help is $60,000. If there’s a shut under $60,000, the worth may begin a good pullback towards the $58,000 zone. Any extra losses may ship the worth towards the $56,500 help zone.

Technical indicators:

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

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

Main Help Ranges – $60,800, adopted by $60,000.

Main Resistance Ranges – $62,500, $64,000, and $65,000.

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