Key Takeaways:
– Bitcoin initiated a fresh surge from the $53,500 support level.
– BTC/USD broke through a significant bearish trend line with resistance at $60,000 on the daily chart.
– The price might continue to rise towards the $67,500 and $70,000 resistance levels.
New Delhi (Coinchapter.com): Bitcoin (BTC) price stabilized above the $60,000 pivot level. BTC is gaining bullish momentum and might soon test the $70,000 resistance zone.
**Bitcoin Price Signals Fresh Uptrend Above $60K**
In recent days, Bitcoin’s price experienced a fresh increase from the $53,500 support zone. A base was established, and the price climbed above the $58,500 and $60,000 resistance levels, moving into a positive zone. BTC’s positive momentum also lifted Ethereum, Solana, XRP, ADA, and PEPE higher.
The price broke through a significant bearish trend line with resistance at $60,000 on the daily chart. There was a steady move above the 50% Fibonacci retracement level of the downward move from the $71,950 swing high to the $53,220 swing low.
Bitcoin price daily chart | Source: BTC USD on TradingView.com
Bitcoin’s price settled well above the 50-day simple moving average (blue). The last 4-5 daily candles indicate strong bullish momentum above the $62,500 resistance zone.
If the bulls remain active, the price could continue to rise above the $65,000 level. The first major resistance above $66,200 is near the $67,500 zone. It is close to the 76.4% Fibonacci retracement level of the downward move from the $71,950 swing high to the $53,220 swing low.
If BTC’s price breaks the $67,500 resistance, it could accelerate higher. The next major barrier for the bulls could be near the $70,000 mark. A close above the $70,000 level could push the price towards the $72,000 resistance. Further gains might drive the price towards the $75,000 resistance and a new all-time high.
**Downside Correction In BTC?**
Conversely, Bitcoin’s price might face resistance near $66,500 or $67,000 and start a downside correction. Immediate support on the downside is near the $64,800 level. The first major support is near the $64,000 level and the 50-day simple moving average (blue).
A downside break below the $64,000 support zone could trigger more bearish moves. In this scenario, the price might decline towards the $62,000 support. Further losses could open the path for a move towards the main support at $60,000 in the coming days.
Overall, Bitcoin is indicating a strong bullish bias above $62,500 and the 50-day SMA. BTC could see more upsides if it clears the $67,500 resistance.