Bitcoin Price Ready to Resume Gains: Can the Uptrend Return?

Bitcoin worth began a contemporary enhance above the $62,000 zone. BTC is gaining tempo and would possibly goal for extra positive aspects above the $63,500 zone.

Bitcoin is eyeing a contemporary enhance above the $63,500 zone.
The value is buying and selling above $63,250 and the 100 hourly Easy transferring common.
There’s a connecting bullish pattern line forming with assist at $62,900 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair may proceed to rise if it clears the $64,200 resistance zone.

Bitcoin Worth Regains Traction

Bitcoin worth fashioned a assist base above the $60,000 zone. BTC began a contemporary enhance above the $61,200 and $62,000 resistance ranges. The bulls even pumped the worth above the $63,000 resistance.

It traded as excessive as $63,949 and the worth is now consolidating positive aspects. It looks as if the worth is displaying indicators of a contemporary rally above $63,500. BTC is above the 23.6% Fib retracement degree of the upward transfer from the $62,324 swing low to the $63,949 excessive.

Bitcoin worth is now buying and selling above $63,250 and the 100 hourly Easy transferring common. There’s additionally a connecting bullish pattern line forming with assist at $62,900 on the hourly chart of the BTC/USD pair.

On the upside, the worth may face resistance close to the $64,000 degree. The primary key resistance is close to the $64,200 degree. A transparent transfer above the $64,200 resistance would possibly ship the worth larger. The subsequent key resistance could possibly be $65,000.

A detailed above the $65,000 resistance would possibly provoke extra positive aspects. Within the acknowledged case, the worth may rise and check the $65,500 resistance degree. Any extra positive aspects would possibly ship the worth towards the $66,500 resistance degree.

Are Dips Supported In BTC?

If Bitcoin fails to rise above the $64,000 resistance zone, it may begin one other decline. Speedy assist on the draw back is close to the $63,500 degree.

The primary main assist is close to the $63,000 degree or the 50% Fib retracement degree of the upward transfer from the $62,324 swing low to the $63,949 excessive or the pattern line. The subsequent assist is now close to the $62,500 zone. Any extra losses would possibly ship the worth towards the $61,800 assist within the close to time period.

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 degree.

Main Help Ranges – $63,500, adopted by $63,000.

Main Resistance Ranges – $64,000, and $64,200.