Bitcoin

Resistance

Bitcoin price is up nearly 5% and there was a move above $62,500. BTC is now testing the $63,500 resistance zone with a positive angle. 
<ul> 
 <li>Bitcoin started a decent increase above the $62,200 and $62,400 levels.</li> 
 <li>The price is trading above $62,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a major bearish trend line with resistance at $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might struggle to continue higher above the $63,650 resistance zone.</li> 
</ul> 
<h2 id="bitcoin-price-starts-recovery">Bitcoin Price Starts Recovery</h2> 
Bitcoin price formed a base above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovery-62400/" target="_blank" rel="noopener ">$60,000 zone</a>. BTC remained stable and was able to start a decent increase above the $61,500 resistance zone. 
There was a break above a major bearish trend line with resistance at $61,000 on the hourly chart of the BTC/USD pair. The bulls were able to pump the price above the $62,500 resistance. It is up nearly 5% and trading near the $63,650 resistance zone. 
Bitcoin price is trading above $62,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dive-60k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. It is stable and well above the 23.6% Fib retracement level of the upward move from the $59,949 swing low to the $63,675 high. 
If there is another increase, the price could face resistance near the $63,650 level. The first key resistance is near the $64,000 level. The next key resistance could be $64,400. A clear move above the $64,400 resistance might start a steady increase and send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-627132 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
In the stated case, the price could rise and test the $65,500 resistance. Any more gains might send BTC toward the $66,000 resistance in the near term. 
<h2 id="are-dips-limited-in-btc">Are Dips Limited In BTC?</h2> 
If Bitcoin fails to climb above the $63,650 resistance zone, it could start a downside correction. Immediate support on the downside is near the $62,800 level. 
The first major support is $61,800 and the 50% Fib retracement level of the upward move from the $59,949 swing low to the $63,675 high. The next support is now forming near $61,250 and the 100 hourly Simple moving average. Any more losses might send the price toward the $60,500 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 – $62,800, followed by $61,800. 
Major Resistance Levels – $63,650, and $64,400.

Bitcoin Price Spikes 5%, Can BTC Bulls Take Back Control?

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