Bitcoin pushed above a key technical barrier on Monday, clearing a bearish trend line that had held as resistance at $61,500 on the hourly chart. The move, observed on the BTC/USD pair on Kraken, sent the cryptocurrency above $62,500 and past the 100-hour simple moving average, extending a recovery wave that began after it formed a base near $60,000.
The breakout level
The trend line had capped upside moves since Bitcoin’s decline from the $74,100 area. By breaking through $61,500, BTC also climbed above the 23.6% Fibonacci retracement of the drop from $74,100 to $59,107 — a level that often acts as an initial test for a rebound. The hourly chart shows the breakout occurred with above-average volume, though the facts do not specify volume figures.
What the indicators say
The hourly MACD is gaining pace in bullish territory, suggesting momentum is building. The hourly Relative Strength Index (RSI) sits above 50, a zone that typically signals buyers have the upper hand in the short term. Neither indicator is yet in overbought range, leaving room for further upside if the move holds.
What to watch next
With $62,500 now acting as support, the next hurdle to the upside is the $63,000 area, followed by the 50% Fib level near $66,600. A failure to hold above the 100-hour moving average could send BTC back toward the $60,000 base. The immediate question is whether the breakout can sustain itself through the U.S. trading session — the true test for any Monday-move that catches early Asian and European liquidity.
