Bitcoin price is holding above the $60,000 zone. BTC is currently consolidating gains, and bulls could be targeting a move above the $62,000 resistance zone.

• Bitcoin has begun a consolidation phase above the $60,000 zone.
• The price remains above $59,500 and the 100-hour elementary moving average.
• On the hourly chart of the BTC/USD pair (data from Kraken), a key uptrend line is forming with support at $59,800.
• The pair may attempt to rise again if it breaks through the USD 61,500 resistance zone.

Bitcoin price keeps rising

Bitcoin price remained stable above the $58,500 pivot level. BTC formed a base and began a steady rally above the $60,000 resistance zone. Price rose above the $60,200 and $60,500 resistance levels.

Bulls have managed to push the price above the 23.6% Fibonacci retracement level of the downward move from the $61,800 high to the $59,805 low. The current price action is positive and it seems that bulls could be looking for bigger gains above the $60,800 resistance zone.

Bitcoin is now trading above $60,200 and the 100 hour elementary moving average. Price is now consolidating near the 50% Fibonacci retracement level of the downward movement from the $61,800 high to the $59,805 low.

On the other hand, the price may encounter resistance near the $60,800 level. The first key resistance is near the $61,800 level. A clear move above the $61,800 resistance may trigger further price growth in the coming sessions. The next key resistance may be $62,000.

A close above the $62,000 resistance could trigger more upside. In the given case, the price could rally and test the $63,500 resistance.

Another BTC drop?

If Bitcoin fails to break above the $61,800 resistance zone, it could begin a downward correction. Immediate support on the downside is near the $60,200 level.

The first major support is at $59,800. The next support is now near the $58,500 zone. Any further losses could take the price towards the $58,000 support zone or even $57,500 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 – $60,200, then $59,800.

Major resistance levels – USD 60,800 and USD 61,800.