Bitcoin's price saw a strong increase, surpassing the $60,500 resistance level after the Federal Reserve reduced rates by 0.50%. This bullish movement pushed Bitcoin toward the $62,500 mark, maintaining its pace above the $60,200 zone. The price is currently above $60,500 and the 100 hourly Simple moving average.
A break above a short-term declining channel with resistance at $60,000 was noted on the BTC/USD hourly chart. This action facilitated the price to test the $62,500 resistance zone before consolidating gains. Currently, Bitcoin is holding steady above $60,500, with significant resistance near $62,200 and $62,500.
If Bitcoin manages to move clearly above these resistance levels, it may spur a steady increase, potentially testing $63,200 and even $64,500. Conversely, if it fails to rise above $62,500, a downside correction could ensue, with immediate support around $61,750 and major supports at $61,250 and $60,850.
Technical indicators show a bullish trend, with the MACD gaining pace and the RSI above the 50 level. This suggests continued support for Bitcoin's upward trajectory, provided key support levels hold firm.
