Bitcoin is gaining pace above the $60,000 zone against the US Dollar. BTC could accelerate higher towards the $65,000 resistance zone in the near term.
- Bitcoin started a fresh increase and it broke the $60,000 level.
- The price is now trading above $62,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue higher towards the $63,500 level in the near term.
Bitcoin Price Gains Momentum
Bitcoin price settled above the $60,000 zone to move further into a bullish territory. BTC even broke the $61,500 and $62,000 resistance levels.
A high was formed near the $62,887. Recently, there was a minor downside correction below the $62,000 pivot zone. The price declined below the $60,000 support level and the 100 hourly simple moving average.
Source:On the upside, an initial resistance is near the $62,500 level. The first key resistance is near the $62,850 level. A clear break above the $62,850 resistance could open the doors for more upsides. The next major resistance sits near the $63,500 level, above which the price might surge towards the $65,000 level in the near term.