Bitcoin Key Indicators Suggest Upside Continuation To $62K

Bitcoin

Bitcoin is showing positive signs above the $57,000 level against the US Dollar. BTC could gain pace and it might even test the $60,000 resistance zone.

Bitcoin started a fresh increase and it broke the $58,500 level.
The price is now trading above $58,000 and the 100 hourly simple moving average.
There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue higher towards the $60,000 level in the near term.

Bitcoin Price Remains In Uptrend
Bitcoin price corrected a few points below the $58,000 level. However, downsides were limited below $57,000 and BTC started a fresh increase.
The price traded as low as $56,888 and started a fresh increase. It surpassed the $57,500 and $58,000 resistance levels. There was a break above a key declining channel with resistance near $58,000 on the hourly chart of the BTC/USD pair.
The pair is now trading above $58,000 and the 100 hourly simple moving average. It is now trading near the $59,000 zone. Besides, the price is testing the 1.236 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low.
On the upside, an initial resistance is near the $59,500 level. The first key resistance is near the $59,650 level. It is near the 1.618 Fib extension level of the downside correction from the $58,580 swing high to $56,888 low.

Source: BTCUSD on TradingView.com
A clear break above the $59,650 resistance could open the doors for more upsides. The next major resistance sits near the $60,000 level, above which the price might surge towards the $62,000 level in the near term.
Dips Limited In BTC?
If bitcoin fails to clear the $59,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $58,200 level.
The first major support is now forming near the $58,000 level (the recent breakout zone). A downside break below the $58,000 level could spark a larger decline. The next major support is now near the $56,800 level and the 100 hourly SMA.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level.
Major Support Levels – $58,200, followed by $58,000.
Major Resistance Levels – $59,650, $60,000 and $62,000.

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tether
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xrp
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bnb
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solana
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usd-coin
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cardano
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dogecoin
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tron
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staked-ether
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wrapped-bitcoin
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leo-token
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chainlink
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the-open-network
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pi-network
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usds
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stellar
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wrapped-steth
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hedera-hashgraph
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avalanche-2
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shiba-inu
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sui
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litecoin
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mantra-dao
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bitcoin-cash
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ethena-usde
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bitget-token
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weth
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hyperliquid
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susds
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aptos
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okb
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pepe
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mantle
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gatechain-token
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ethereum-classic
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tokenize-xchange
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ondo-finance
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aave
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coinbase-wrapped-btc
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