Bitcoin

Resistance

Bitcoin price started a strong increase and broke the $62,000 resistance level. BTC is showing positive signs and might rise toward the $63,200 level. 
<ul> 
 <li>Bitcoin gained bullish momentum above the $60,500 resistance zone.</li> 
 <li>The price is trading above $61,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might continue to move up if it breaks the $62,500 support.</li> 
</ul> 
<h2 id="bitcoin-price-regains-strength">Bitcoin Price Regains Strength</h2> 
Bitcoin price started a decent increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-falls-56k/" target="_blank" rel="noopener ">$59,500 and $60,000 resistance levels</a>. BTC even cleared the $60,500 resistance to move into a positive zone. It sparked a strong increase and the price climbed above the $62,000 level. 
It even tested the $62,500 level. A high was formed at $62,493 and the price is now consolidating gains. It is trading well above the 23.6% Fib retracement level of the upward move from the $56,593 swing low to the $62,493 high. 
Bitcoin price is now trading above $61,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-hit-rejection-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bullish trend line forming with support at $61,000 on the hourly chart of the BTC/USD pair. 
Immediate resistance on the upside is near the $62,500 level. The first key resistance is near the $62,800 level. A clear move above the $62,800 resistance might start a decent increase in the coming sessions. The next key resistance could be $63,200. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_17871a.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-629752 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_17871a.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_17871a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_17871a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_17871a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_17871a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_17871a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_17871a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_17871a.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next major hurdle sits at $63,500. A close above the $63,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $65,000 resistance. 
<h2 id="are-dips-supported-in-btc">Are Dips Supported In BTC?</h2> 
If Bitcoin fails to climb above the $62,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $61,500 level. 
The first major support is $61,000 and the trend line zone. The next support is now near $60,000. Any more losses might send the price toward the $59,500 support zone in the near term. 
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 50 level. 
Major Support Levels – $61,500, followed by $61,000. 
Major Resistance Levels – $62,500, and $63,500.

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

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