The price declined below the $60,000 support level and the 100 hourly simple moving average.
The price surpassed the 50% Fib retracement level of the downside correction from the $62,887 swing high to $58,888 low.
There was also a break above a major bearish trend line with resistance near $60,850 on the hourly chart of the BTC/USD pair.
The next major resistance sits near the $63,500 level, above which the price might surge towards the $65,000 level in the near term.
If bitcoin fails to clear the $62,500 resistance zone, it could start a downside correction.
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