Key Takeaways:
Bitcoin started a fresh increase above the $53,500 support level.
BTC/USD has broken above a significant downtrend line at $60,000 on the daily chart.
The price could continue to rise towards the $67,500 and $70,000 resistance levels.

New Delhi (Coinchapter.com): Bitcoin (BTC) price is stable above the $60,000 support level. BTC is gaining bullish momentum and it may soon retest the $70,000 resistance area.


Bitcoin Price Signals New Uptrend Above $60,000
In the past few days, Bitcoin price has seen a fresh increase from the $53,500 support area. A bottom was formed and the price rose above the $58,500 and $60,000 resistance levels to move into a positive zone. BTC’s positive momentum also drove Ethereum, Solana, XRP, ADA, and PEPE higher.
The price broke a significant downtrend line at $60,000 on the daily chart. There was a steady upward move and it broke the 50% Fibonacci retracement level of the decline from the $71,950 high to $53,220 low.

Bitcoin price daily chart | Source: TradingView.com for BTC USD
Bitcoin price is stable above the 50-day simple moving average (blue line). The recent 4-5 daily candlesticks indicate that the price has strong bullish momentum above the $62,500 resistance area.

If the bulls continue to gain momentum, the price is likely to continue rising above $65,000. The first important resistance is above $66,200 and close to the $67,500 area. This resistance is close to the 76.4% Fibonacci retracement level of the upward move from the $71,950 high to $53,220 low.

If BTC price breaks above the $67,500 resistance, it is likely to accelerate upwards. The next important hurdle for the bulls could be near $70,000. On a close above $70,000, the price is likely to head towards the $72,000 resistance. Further gains could push the price towards the $75,000 resistance and new all-time highs.

A downward correction for BTC?
Conversely, bitcoin price might face resistance near $66,500 or $67,000 and start a downside correction. An immediate support on the downside is near $64,800. The first important support is near $64,000 and the 50-day simple moving average (blue line).

If the price breaks below the $64,000 support area, it could spark more declines. In such a case, the price could drop to the $62,000 support level. A further decline could open the doors towards the main support at $60,000 in the coming days.

Overall, Bitcoin is showing a strong bullish bias above $62,500 and the 50-day simple moving average (blue line). If BTC breaks above the $67,500 resistance, it is likely to see more upside.