Bitcoin price is consolidating above the $60,550 support zone. BTC could avoid further declines if it succeeds in recovering above the $62,400 resistance.
- Bitcoin is still struggling to recover above the $62,200 and $62,400 levels.
- The price is trading above $61,500 and the 100-hourly simple moving average.
- There was a break above the major bearish trend line with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- Unless a close is formed above the $62,400 resistance level, the pair may start another downtrend.
Bitcoin price hits a snag
Bitcoin price struggled to rise above the $62,400 resistance zone. BTC fell back below $62,000, but bulls were able to protect the $60,550 support. A recent high was made at $62,297 and the price is currently consolidating.
Recently, the BTC/USD pair broke the major bearish trend line of resistance at $61,250 on the hourly chart. It is trading above the 50% Fib retracement level of the rise from the $60,580 swing low to the $62,297 high.
Bitcoin price is currently trading above $61,500 and the 100-hour simple moving average. In case of another hike, the price may face resistance near the $62,250 level. The first major resistance is near the $62,400 level.
The next major resistance could be $62,500. A clear break above the $62,500 resistance could mark the beginning of a steady rise and push the price higher. If indicated, the price could move higher to test the $63,500 resistance. Further gains could push BTC towards the $64,400 resistance in the near term.
Another BTC Drop?
If Bitcoin fails to rise above the $62,400 resistance zone, another decline could begin. Immediate support for the downside is near the $61,450 level and the 100-hourly simple moving average.
The first major support is at $61,150, which is the 61.8% Fibonacci correction level of the upward move from the $60,580 swing low to the $62,297 high. The next support level is currently forming near $60,550. More losses may move the price towards the $58,500 support zone in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bearish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Key support levels – $61,150, then $60,550.
Key resistance levels – $62,250 and $62,400.