Bitcoin price remains steady above the $60,000 zone, consolidating its gains. Bulls could push it above the $62,000 resistance. Currently, the BTC/USD pair is trading above $59,500 and the 100-hourly Simple Moving Average, with key support at $59,800 on the hourly chart.
BTC formed a base above the $58,500 pivot, climbing past resistance levels at $60,200 and $60,500. The price now consolidates near the 50% Fibonacci retracement level between $61,800 and $59,805.
On the upside, resistance is expected near $60,800 and $61,800. Overcoming these could send prices to $62,000 and beyond, potentially testing the $63,500 mark. However, failure to clear $61,800 could lead to a downside correction towards $60,200 or $59,800.
Technical indicators are bullish. The MACD gains pace, and the RSI is above 50, indicating upward momentum. Major support levels are $60,200 and $59,800, with resistance at $60,800 and $61,800.
