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Bitcoin Price Rally: A Look at the Situation

Bitcoin Price on the Rise

Bitcoin’s price has surged nearly 5% and has broken above the $62,500 resistance zone, testing the $63,500 resistance zone with a positive angle.

Key Points

• Bitcoin started a decent increase above the $62,200 and $62,400 levels.
• The price is trading above $62,500 and the 100 hourly Simple moving average.
• A break above a major bearish trend line with resistance at $61,000 on the hourly chart of the BTC/USD pair has been made.
• The pair might struggle to continue higher above the $63,650 resistance zone.

Bitcoin Price Formation

Bitcoin price has formed a base above the $60,000 zone and remained stable, enabling it to start a decent increase above the $61,500 resistance zone. The bulls have managed to push the price above the $62,500 resistance, with the next potential resistance zone being the $63,650 level.

Possible Price Movement

If the price increases, it could face resistance near the $63,650 level, with the first key resistance being the $64,000 level and the next key resistance being the $64,400 level. A clear move above the $64,400 resistance might initiate a steady increase and send the price higher.

Technical Indicators

• Hourly MACD: The MACD is gaining pace in the bullish zone.
• Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now above the 50 level.

Support and Resistance Levels

• Major Support Levels: $62,800, followed by $61,800.
• Major Resistance Levels: $63,650, and $64,400.

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