Bitcoin price has gained momentum, surpassing $58,000 and $60,000. BTC is up over 10% and points to further gains in the near future.

• Bitcoin value started with a clear boost above the $56,500 and $58,250 levels.
• The price remains above $60,000 and the 100-hour straightforward moving average.
• On the hourly chart of the BTC/USD pair (data from Kraken), a connecting uptrend line is forming with support at USD 60,000.
• The pair can expect further gains above the USD 62,500 resistance zone.

Bitcoin Price Could Extend Profits

Bitcoin price started a decent rally above the $55,500 resistance zone. BTC was able to break through the $56,500 and $58,250 resistance levels to move into the positive zone.

Bulls even pushed the price above the $60,000 resistance. The price is up over 10% and the latest high is $62,700. The price is now consolidating gains near the 23.6% Fibonacci retracement level of the upside from the $54,556 swing low to the $62,700 high.

Bitcoin price is now trading above $60,000 and the 100-hour straightforward moving average. There is also a connecting bullish trendline forming with support at $60,000 on the hourly chart of the BTC/USD pair.

On the other hand, the price may encounter resistance near the $62,000 level. The first key resistance is near the $62,500 level. A clear move above the $62,500 resistance may trigger further price growth in the coming sessions. The next key resistance may be $63,500.

The next major obstacle is $65,000. A close above the $65,000 resistance could trigger a bullish move. In this case, the price could rise and test the $67,000 resistance.

Are BTC declines confined?

If Bitcoin fails to break above the $62,500 resistance zone, it could begin a downward correction. Immediate support on the downside is near the $60,700 level.

The first major support is $60,000 and the trendline. The next support now comes in near $57,750 or the 61.8% Fibonacci retracement level of the uptrend from the $54,556 swing low to $62,700 high. Any further losses could send the price towards the $55,000 support zone 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 – $60,700 and then $60,000.

Major resistance levels – USD 62,000 and USD 62,500.