Bitcoin Price Regaining Strength: Is a Fresh Rally Coming?

Bitcoin price rose above the $62,500 resistance. BTC even broke above the $63,200 level and is currently consolidating gains above $63,500.

Bitcoin is gaining value, breaking above the resistance zone at $63,200.
The price remains above $63,400 and the 100-hour plain moving average.
On the hourly chart of the BTC/USD pair (data from Kraken), there was a breakout of the connecting descending trend line with resistance at USD 63,220.
The pair could continue to rally if it stays above the support zone at USD 62,500.

Bitcoin price maintains gains above $63,500

Bitcoin price continued to rally above the $62,500 level. BTC was able to break through the $62,800 and $63,200 resistance levels to move further into the positive zone.

The hourly chart of the BTC/USD pair also saw a breakout of the bearish trend line connecting with the resistance at $63,220. The bulls even pushed the price above $63,500. The high was formed at $63,965, and the price is currently consolidating profits.

There was a compact move below the $63,750 level. Price fell and tested the 23.6% Fibonacci retracement level of the upside move from the $62,440 swing low to the $63,965 high.

Bitcoin is now trading above $63,500 and the 100-hour plain moving average. On the other hand, the price could face resistance near the $63,950 level. The first key resistance is near the $64,200 level. A clear move above the $64,200 resistance could trigger the price to rally.

The next key resistance could be $65,000. A close above the $65,000 resistance could trigger more upside. In this case, the price could rally and test the $65,500 resistance.

Are DIPs supported in BTC?

If Bitcoin fails to break above the $63,950 resistance zone, it could begin a downward correction. Immediate support on the downside is near the $63,500 level.

The first major support is at $63,200 and the 50% Fibonacci retracement level of the uptrend from the $62,440 swing low to the $63,965 high. The next support is now near the $62,500 zone. Any further losses could send the price towards the $61,500 support in the near future.

Technical indicators:

Hourly MACD – MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for the BTC/USD pair is currently above the 50 level.

Major support levels – $63,500, then $63,200.

Major resistance levels – USD 63,950 and USD 64,000.