Bitcoin price started a fresh increase above $60,000 against the US Dollar. BTC is rising and it could attempt an upside break above the $62,000 resistance.
- Bitcoin managed to pump above the $60,000 and $61,000 levels.
- The price is now trading above $61,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $61,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must settle above $62,000 to start a major increase in the near term.
Bitcoin Price Starts Fresh Increase
Bitcoin price found support near $58,140 and started a fresh increase. BTC was able to break the $60,000 and $60,500 resistance levels to move into a positive zone.
The price even settled above the $60,500 level and the 100 hourly simple moving average. There was also a break above the 50% Fib retracement level of the key decline from the $63,700 swing high to $58,140 low. It is now facing resistance near the $61,650 and $61,800 levels.
Source:It is near the 61.8% Fib retracement level of the key decline from the $63,700 swing high to $58,140 low. A clear break above the trend line resistance and then $62,000 may possibly call open the doors for a move towards the $63,000 level. The next major resistance sits near the $64,000 level.