Why Bitcoin Needs To Clear $64K For Hopes of a Fresh Rally

Bitcoin price started a fresh increase from $60,000 against the US Dollar. BTC is back above $62,000, but it must clear $64,000 for hopes of a fresh rally. Bitcoin recovered losses and was able to climb above the $62,500 resistance. The price is now trading above $62,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $63,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a steady increase if there is a close above the $64,000 resistance zone. Bitcoin Price Eyes Fresh Rally Bitcoin price dipped below the $60,000 level, but downsides were limited. BTC traded as low as $59,610 before starting a fresh increase. The price was able to rise above the $61,000 and $61,200 resistance levels. There was a recovery wave above the $62,000 and $62,500 levels. Bitcoin even spiked above the 50% Fib retracement level of the downward move from the $66,980 swing high to $59,610 low. The price is now trading above $62,000 and the 100 hourly simple moving average. It is currently facing resistance near the $63,000 and $63,200 levels. There is also a major bearish trend line forming with resistance near $63,200 on the hourly chart of the BTC/USD pair. The main breakout resistance is now forming near the $64,000 level. It is near the 61.8% Fib retracement level of the downward move from the $66,980 swing high to $59,610 low. Source: BTCUSD on TradingVie...