Bitcoin

Resistance

Swing

Bitcoin price rallied further above $62,000. BTC is now consolidating gains and might soon attempt another upward move toward the $64,000 resistance. 
<ul> 
 <li>Bitcoin price is consolidating gains below the $60,000 resistance zone.</li> 
 <li>The price is trading above $60,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bullish trend line forming with support at $60,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could extend its current rally toward the $64,000 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-jumps-over-5k">Bitcoin Price Jumps Over $5K</h2> 
Bitcoin price remained strong above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-58k/" target="_blank" rel="noopener ">$58,000 resistance zone</a>. BTC formed a fresh support base and started another rally. It gained over 10% and broke many hurdles near $60,000 and $62,000. 
The price even surged toward the $64,000 level. A new <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-moons-to-57k/" target="_blank" rel="noopener ">multi-week high</a> was formed near $64,000 before there was a sharp decline after the Coinbase outage. The price dived toward the $58,000 support zone. A low was formed near $57,919 and the price started a fresh rally. 
It is back above the $60,000 resistance. There was a move above the 50% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low. 
Bitcoin is now trading above $60,000 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $60,950 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $62,500 level. It is near the 76.4% Fib retracement level of the downward move from the $64,000 swing high to the $57,919 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_74178c.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-590602" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_74178c.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_74178c.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_74178c.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_74178c.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_74178c.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_74178c.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_74178c.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Bitcoin_74178c.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The next key resistance could be $64,000, above which the price could rise toward the $65,000 resistance zone. If the bulls remain in action, the price could even surpass $65,000 and test $66,400. The main hurdle for them is visible near the $68,000 zone. 
<h2 id="are-dips-supported-in-btc">Are Dips Supported In BTC?</h2> 
If Bitcoin fails to rise above the $62,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $60,800 level and the trend line. 
The first major support is $60,000. If there is a close below $60,000, the price could start a decent pullback toward the $58,000 zone. Any more losses might send the price toward the $56,500 support zone. 
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 – $60,800, followed by $60,000. 
Major Resistance Levels – $62,500, $64,000, and $65,000.

Bitcoin Price Sees Wild Swing Moves, Uptrend To Extend Toward $70K?

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