Bitcoin price found support at $61,800 and recovered to higher levels. BTC surged to $64,500 and is currently consolidating gains above $63,500.
- Bitcoin began another rally after finding support near $61,800.
- The price is trading above $63,500 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 $63,250.
- To continue rising in the near term, the pair needs to stay above the $63,200 support zone.
Bitcoin price is holding steady
Bitcoin price began another decline below the $63,500 pivot level. BTC fell below the $62,000 level before an upward trend took place. The lowest point was reached at $61,774 and the price began to recover.
There was movement above the resistance levels of $62,500 and $63,500. Moreover, on the hourly chart of the BTC/USD pair, it broke the key bearish trend line at the resistance level of $63,250. The pair surged above $64,500 and tested $64,750.
A high was formed at $64,738 and the price began a downward correction. There was a move below the $64,000 level. The price tested the 50% Fib retracement level rising from the $61,774 swing low to the $64,738 high.
Bitcoin is currently trading above $63,500 and the 100-hour simple moving average. Immediate resistance is near the $64,000 level. The first major resistance could be $64,500 or $64,750. A clear break above the $64,750 resistance could push the price higher. The next resistance level is currently at $65,500.
Source: TradingView.com BTCUSD
If there is a clear move above the $65,500 resistance zone, the price may continue to rise. If specified, the price could go as high as $66,200. The next major resistance is near $68,000. More gains could push Bitcoin towards the $70,000 resistance zone in the near term.
Another drop in BTC?
If Bitcoin fails to rise above the $64,750 resistance zone, it may continue to fall. Immediate support for the downside is near the $63,500 level.
The first major support is $63,000. If the closing price falls below $63,000, the price may start to fall towards $61,750. More losses could lead the price towards the $61,200 support area 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 level – $63,500, then $63,000.
Key resistance levels – $64,000, $64,500 and $65,500.
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