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Bitcoin Price Breaks $62K: Rising Bullish Momentum, Will Prices Go Higher?

15 July 2024
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Bitcoin worth began a powerful enhance and broke the $62,000 resistance degree. BTC is exhibiting optimistic indicators and would possibly rise towards the $63,200 degree.

Bitcoin gained bullish momentum above the $60,500 resistance zone.
The worth is buying and selling above $61,500 and the 100 hourly Easy shifting common.
There’s a key bullish development line forming with help at $61,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair would possibly proceed to maneuver up if it breaks the $62,500 help.

Bitcoin Worth Regains Energy

Bitcoin worth began an honest enhance above the $59,500 and $60,000 resistance ranges. BTC even cleared the $60,500 resistance to maneuver right into a optimistic zone. It sparked a powerful enhance and the value climbed above the $62,000 degree.

It even examined the $62,500 degree. A excessive was fashioned at $62,493 and the value is now consolidating features. It’s buying and selling nicely above the 23.6% Fib retracement degree of the upward transfer from the $56,593 swing low to the $62,493 excessive.

Bitcoin worth is now buying and selling above $61,500 and the 100 hourly Easy shifting common. There’s additionally a key bullish development line forming with help at $61,000 on the hourly chart of the BTC/USD pair.

Speedy resistance on the upside is close to the $62,500 degree. The primary key resistance is close to the $62,800 degree. A transparent transfer above the $62,800 resistance would possibly begin an honest enhance within the coming periods. The following key resistance could possibly be $63,200.

Supply: BTCUSD on TradingView.com

The following main hurdle sits at $63,500. A detailed above the $63,500 resistance would possibly begin a gradual enhance and ship the value greater. Within the acknowledged case, the value might rise and take a look at the $65,000 resistance.

Are Dips Supported In BTC?

If Bitcoin fails to climb above the $62,500 resistance zone, it might begin a draw back correction. Speedy help on the draw back is close to the $61,500 degree.

The primary main help is $61,000 and the development line zone. The following help is now close to $60,000. Any extra losses would possibly ship the value towards the $59,500 help zone 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 Assist Ranges – $61,500, adopted by $61,000.

Main Resistance Ranges – $62,500, and $63,500.



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Tags: 62KBitcoinBreaksBullishhigherMomentumPricePricesrising
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