Bitcoin Price Regains Strength: Is a New Rally Brewing?

Bitcoin price gained pace above the $62,500 resistance. BTC even cleared the $63,200 level and is now consolidating gains above $63,500.

• Bitcoin is gaining pace above the $63,200 resistance zone.
• The price is trading above $63,400 and the 100 hourly Simple moving average.
• There was a break above a connecting bearish trend line with resistance at $63,220 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could extend gains if it stays above the $62,500 support zone.

Bitcoin price extended its increase above the $62,500 level. BTC was able to clear the $62,800 and $63,200 resistance levels to move further into a positive zone.

There was also a break above a connecting bearish trend line with resistance at $63,220 on the hourly chart of the BTC/USD pair. The bulls even pushed the price above the $63,500 level. A high was formed at $63,965 and the price is now consolidating gains.

There was a minor move below the $63,750 level. The price dipped and tested the 23.6% Fib retracement level of the upward move from the $62,440 swing low to the $63,965 high.

Bitcoin is now trading above $63,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $63,950 level. The first key resistance is near the $64,200 level. A clear move above the $64,200 resistance might send the price higher.

The next key resistance could be $65,000. A close above the $65,000 resistance might spark more upsides. In the stated case, the price could rise and test the $65,500 resistance.

If Bitcoin fails to rise above the $63,950 resistance zone, it could start a downside correction. Immediate support on the downside is near the $63,500 level.

The first major support is $63,200 and the 50% Fib retracement level of the upward move from the $62,440 swing low to the $63,965 high. The next support is now near the $62,500 zone. Any more losses might send the price toward the $61,500 support 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 – $63,500, followed by $63,200.

Major Resistance Levels – $63,950, and $64,000.