Bitcoin price has surged above the $62,000 resistance level, showing positive signs for further gains towards $63,200. The price gained bullish momentum above $60,500 and is currently trading above $61,500 and the 100 hourly Simple moving average. A key bullish trend line with support at $61,000 is forming on the hourly chart of the BTC/USD pair.
The immediate resistance is near $62,500, with the first key resistance at $62,800. A clear move above this level could lead to a decent increase towards $63,200. The next major hurdle sits at $63,500, with a close above this level potentially sending the price higher towards $65,000.
However, if Bitcoin fails to climb above the $62,500 resistance zone, a downside correction could occur. Immediate support is near $61,500, followed by $61,000 and the trend line zone. Further support lies near $60,000 and $59,500.
Technical indicators show the MACD gaining pace in the bullish zone and the RSI for BTC/USD above the 50 level. Major support levels are at $61,500 and $61,000, while major resistance levels are at $62,500 and $63,500.