TA: Bitcoin Consolidates Gain: What Could Trigger Fresh Rally

Bitcoin is showing positive signs above the $61,200 support against the US Dollar. BTC could start a fresh rally if it clears the $62,200 resistance zone. Bitcoin is trading in a positive zone above the $60,000 and $61,200 levels. The price is now trading above $61,200 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh rally and it might rise towards the $63,500 level in the near term. Bitcoin Price Remains Supported Bitcoin price remained strong above the $60,000 zone and traded in a positive zone. BTC jumped above the $62,000 level before starting a downside correction. A high was formed near the $62,885 before there was a minor decline. The price declined below the $62,000 and $61,200 levels. However, the price remained supported near the $59,200 level and the 100 hourly simple moving average. Recently, the price climbed higher and climbed above $61,200. However, the price is struggling above the $62,200 level. A high was formed near $62,672 before there was another decline. It traded as low as $59,900 and recently recovered above $61,000. Bitcoin surpassed the 50% Fib retracement level of the downside correction from the $62,672 swing high to $59,900 low. There is also a major bullish trend line forming with support near $61,000 on the hourly chart of the BTC/USD pair. T...