Bitcoin price found support near $60,600. BTC is recovering, but bears may remain active near the $63,200 resistance zone.
- Bitcoin tested the $60.60 support zone and began a recovery.
- The price is trading near $63,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $62,000.
- The pair could gain bullish momentum if it closes above $63,200 and the 100-hourly simple moving average.
Bitcoin price recovery begins
Bitcoin price extended losses below the $62,000 and $61,200 levels. The upside finally emerged near $60,600. The low was formed at $60,650 and the price is currently correcting losses.
There was a move above the resistance levels of $61,200 and $62,000. The price recently cleared the 23.6% Fib retracement level of the decline from the $65,500 swing high to the $60,650 low. Moreover, on the hourly chart of the BTC/USD pair, it broke the key bearish trend line at $62,000, which is the resistance level.
Bitcoin is currently trading near $63,000 and the 100-hour simple moving average. Immediate resistance is near the $63,000 level. The first major resistance could be $63,200 or the 50% Fib retracement level from the recent $65,500 swing high to the $60,650 low or the 100-hourly simple moving average.
Source: TradingView.com BTCUSD
The next major resistance could be $64,350. A clear break above the $64,350 resistance could push the price higher. The main resistance level is currently at $65,500. If the price closes above the $65,500 resistance zone, the price may continue to rise. If specified, the price could go as high as $67,500.
Are there more downsides to BTC?
If Bitcoin fails to rise above the $63,200 resistance zone, another decline could begin. Immediate support for the downside is near the $62,400 level.
The first major support is $62,000. If the closing price falls below $62,000, the price may start to fall towards $61,200. More losses could lead the price towards the $60,600 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $62,000, $60,600.
Key resistance levels – $63,000, $63,200, $64,350.