Bitcoin price started a new rise above the $62,000 resistance zone. BTC is currently consolidating and could target further upside above $63,000.
- Bitcoin is struggling to start a new rally above $63,200.
- The price is trading above $61,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a short-term descending channel with resistance at $63,000.
- A close above the $63,200 resistance zone could allow the pair to gain traction again.
Bitcoin price maintains support
Bitcoin price formed a base and began a new rise above the $61,200 resistance level. BTC cleared the $62,000 resistance to move into positive territory. The price soared above $63,000 before a downward trend took place.
A high was formed at $63,445 and the price is now consolidating gains. There was a slight decline below the $63,000 level. There was slight movement below the 23.6% Fib retracement level of the upward move from the $58,888 swing low to the $63,445 high.
Bitcoin price is currently trading above $62,000 and the 100-hour simple moving average. On the other hand, the price may face resistance near $63,000. On the hourly chart of the BTC/USD pair, there is also a short-term bearish channel with resistance at $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 $63,500.
A break above the $63,200 resistance could lead to further gains. If indicated, the price could move higher to test the $64,500 resistance level. Any more profits could push the price down towards the $65,000 resistance level.
Another drop 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 $62,250 level.
The first major support is near the $62,000 level. The next support is now near the $61,150 area or the 50% Fib retracement level of the rise from the $58,888 swing low to the $63,445 high. 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 bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $62,000, $61,150.
Key resistance levels – $63,000 and $63,500.