Bitcoin price has surged nearly 5% and has surpassed the $62,500 mark. Currently, BTC is testing the $63,500 resistance zone with a positive momentum. The price started its upward movement above $62,200 and $62,400 levels, trading above $62,500 and the 100 hourly Simple moving average. A significant bearish trend line was broken with resistance at $61,000 on the hourly chart of the BTC/USD pair.
Bitcoin formed a base above the $60,000 zone and began a recovery above the $61,500 resistance level. The bulls successfully pushed the price above $62,500, marking a 5% increase and bringing it close to the $63,650 resistance zone. The price is currently stable above $62,500 and the 100 hourly Simple moving average, with key resistances at $64,000 and $64,400. Further gains could lead BTC towards the $65,500 and $66,000 resistance levels in the near future.
In case Bitcoin fails to break above the $63,650 resistance, a downside correction could occur with immediate support near $62,800. Major support levels include $61,800 and $61,250 along with the 100 hourly Simple moving average. Technical indicators suggest a bullish momentum with the MACD gaining pace in the bullish zone and the RSI for BTC/USD above the 50 level. Key support levels are at $62,800 and $61,800, while major resistance levels are at $63,650 and $64,400.