Bitcoin price recovered above the $60,000 resistance zone. BTC is now struggling to clear the $61,200 and $61,500 resistance levels.
- Bitcoin started a recovery wave above the $60,000 resistance zone.
- The price is trading above $60,000 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at $59,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might attempt a fresh increase if it settles above the $61,500 resistance zone.
Bitcoin Price Builds Momentum
Bitcoin price started a decent upward move above the $58,500 resistance zone. BTC was able to clear the $59,500 and $60,000 resistance levels.
There was a break above a connecting bearish trend line with resistance at $59,500 on the hourly chart of the BTC/USD pair. It even spiked above the $61,500 level. A high was formed at $61,555 and the price is now correcting gains.Bitcoin price is now trading above $60,000 and the 100 hourly Simple moving average. It is also well above the 50% Fib retracement level of the upward move from the $58,441 swing low to the $61,555 high. On the upside, the price could face resistance near the $61,200 level.
The first key resistance is near the $61,500 level. A clear move above the $61,500 resistance might send the price further higher in the coming sessions. The next key resistance could be $62,500.