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BTC price starts pumping again: Rebound is starting again?
BTC price formed a bottom and started a new pump above the $61,200 resistance level. BTC broke through the $62,000 resistance level and entered the positive zone. The price even surged above $63,000 before shorts appeared. The high point was formed at $63,445, and the current price is consolidating gains. There was a slight dip after breaking below the $63,000 level. A minor fluctuation occurred after falling below the 23.6% Fibonacci retracement level from the swing low of $58,888 to the high of $63,445.
The BTC price is currently trading above $62,000 and the 100-hour simple moving average. On the upside, the price may face resistance near $63,000. There is also a short-term downward channel formed on the hourly chart of the BTC/USD pair, with resistance level at $63,000.
The first key resistance level is around $63,200. If it can break through the resistance level significantly, the price may pump further. The next key resistance level may be $63,500.
Closing Price above $63,200 may trigger further pump. In this case, the price may pump and test the resistance level at $64,500. Any further pump could make the price fall towards the resistance level at $65,000.
If BTC fails to break through the resistance zone of $63,200, it may fall again. The immediate support level in the downward direction is near $62,250.
The first major support level is around $62,000. The next support level is currently around the $61,150 area, which is the 50% Fibonacci retracement level of the upward move from the swing low of $58,888 to the high of $63,445. If any further losses occur, the price may fall to the support level of $60,000 in the short term.
technical indicator:
MACD per hour - MACD is currently losing momentum in the bullish zone.
The hourly RSI (Relative Strength Index) of BTC/USD is now above the 50 level.
The main support level is $62,000, followed by $61,150.
Major resistance levels - $63,000 and $63,500.
(Data Source: Aayush Jindal)