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Home»EXCHANGE NEWS»Bitcoin price is stuck in a key range, so what could trigger a major move?
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Bitcoin price is stuck in a key range, so what could trigger a major move?

By Crypto FlexsMay 14, 20243 Mins Read
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Bitcoin price is stuck in a key range, so what could trigger a major move?
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Bitcoin price remained above the $60,000 support level. BTC has recovered and is now facing a hurdle near the $63,500 resistance zone.

  • Bitcoin appears to be trading between $60,000 and $63,500.
  • The price is trading above $61,800 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 $61,400.
  • A break above $63,500 could lead to a rally for the pair or it could find support again at $60,000.

Bitcoin Price Trim Profit

Bitcoin price extended its decline below the $60,800 support level. However, the bulls remained active above the $60,000 support zone. The low was reached at $60,220 and the price started to recover.

There was movement above the $61,000 and $61,200 levels. Moreover, on the hourly chart of the BTC/USD pair, it broke the key bearish trend line at the resistance level of $61,400. The pair rallied and revisited the major hurdle of $63,500.

A high was formed at $63,400 and the price is now consolidating gains. It traded below the 23.6% Fib retracement level of the upward move from the $60,220 swing low to the $63,400 high.

Bitcoin is still trading above $62,000 and the 100-hour simple moving average. Immediate resistance is near the $62,800 level. The first major resistance could be at $63,000. The next major resistance could be $63,500. A clear break above the $63,200 resistance could push the price higher.

Source: TradingView.com BTCUSD

The main resistance level is currently at $63,500. If the price closes above the $63,500 resistance zone, the price may continue to rise. If specified, the price could go as high as $65,000.

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 $62,200 level.

The first major support is the 50% Fib retracement level at $61,800 or the rise from the $60,220 swing low to the $63,400 high. If the closing price falls below $61,800, the price may start to fall towards $61,200. More losses may lead the price towards the $60,250 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 close to the 50 level.

Key support levels – $61,800, then $61,200.

Key resistance levels – $63,200, $63,500 and $65,000.

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