Bitcoin Price Restarts Its Climb: Is The Rally Back On?

Bitcoin price started a fresh increase above the $62,000 resistance zone. BTC is now consolidating and might aim for more upsides above $63,000.

• Bitcoin is struggling to start a fresh increase above the $63,200 zone.

• The price is trading above $61,500 and the 100 hourly Simple moving average.

• There is a short-term declining channel forming with resistance at $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

• The pair could regain traction if there is a close above the $63,200 resistance zone.

Bitcoin Price Holds Support

Bitcoin price formed a base and started a fresh increase above the $61,200 resistance. BTC cleared the $62,000 resistance to move into a positive zone. The price even spiked above $63,000 before the bears appeared.

A high was formed at $63,445 and the price is now consolidating gains. There was a minor decline below the $63,000 level. There was a minor move below the 23.6% Fib retracement level of the upward move from the $58,888 swing low to the $63,445 high.

Bitcoin price is now trading above $62,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $63,000 level. There is also a short-term declining channel forming with resistance at $63,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $63,200 level. A clear move above the $63,200 resistance might send the price higher. The next key resistance could be $63,500.

A close above the $63,200 resistance might initiate more gains. In the stated case, the price could rise and test the $64,500 resistance level. Any more gains might send the price toward the $65,000 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,250 level.

The first major support is near the $62,000 level. The next support is now near the $61,150 zone or the 50% Fib retracement level of the upward move from the $58,888 swing low to the $63,445 high. Any more losses might send the price toward the $60,000 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $62,000, followed by $61,150.

Major Resistance Levels – $63,000, and $63,500.