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Bitcoin price has struggled to continue rising above the $64,400 level. BTC is correcting gains and trading near the $62,500 support zone.
- Bitcoin is holding gains above the $62,500 area.
- The price is trading above $62,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the connecting bullish trendline with support at $63,000.
- Unless the price closes below the $61,650 area, the pair could begin another increase.
Bitcoin price corrects profits
Bitcoin price rose above $63,500. BTC also passed the $64,200 resistance zone. However, the bears were active below $64,500.
It traded as high as $64,419 and the price is currently correcting an upward trend. It moved below the $64,000 and $63,500 levels. The price fell below the 50% Fib retracement level rising from the $61,723 swing low to the $64,41 high.
Moreover, on the hourly chart of the BTC/USD pair, a break occurred below the connecting bullish trendline with support at $63,000. Bitcoin price is currently trading above $62,500 and the 100-hour simple moving average. The bulls are also protecting the 76.4% Fib retracement level from the $61,723 swing low to the $64,41 high.
On the other hand, the price may face resistance near $63,000. The first major resistance is near the $63,200 level. A clear break above the $63,200 resistance could push the price higher. The next major resistance could be $64,000.
A break above the $64,000 resistance could lead to further gains. If stated, the price could move higher to test the $64,400 resistance level. Any more gains may push the price towards the $65,500 resistance level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $63,200 resistance zone, another decline could begin. Immediate support for the downside is near the $62,500 level.
The first major support is near the $61,750 level. The next support is now near the $61,200 area. If more losses occur, the price may head towards the $60,000 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $62,500, $61,750.
Key resistance levels – $63,200 and $64,000.