Bitcoin price remains at key support at $60,000. BTC may begin another increase and rise towards the range resistance of $63,500.
- Bitcoin is still trading between $60,000 and $63,500.
- The price is trading above $61,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above a bearish trend line connecting with resistance at $61,550.
- Clearing $62,200 and $62,500 could give the pair some bullish momentum.
Bitcoin price remains stable
Bitcoin price began another decline at the $63,500 resistance zone. BTC was trading below the $62,500 and $62,200 support levels. The lowest point was reached at $61,000 and the price began to recover.
There was movement above the $61,250 and $61,500 levels. Moreover, on the hourly chart of the BTC/USD pair, it broke the bearish trend line connecting the resistance level of $61,550. There was recent movement above the 23.6% Fib retracement level from the $63,400 swing high to the $61,000 low.
Bitcoin is still trading above $61,500 and the 100-hour simple moving average. Immediate resistance is near the $62,200 level or the 50% Fib retracement level of the recent decline from the $63,400 swing high to the $61,000 low.
The first major resistance could be at $62,500. The next major resistance could be $63,000. A clear break above the $63,000 resistance could push the price higher. 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 up to $65,000.
Another drop in BTC?
If Bitcoin fails to rise above the $62,500 resistance zone, another decline could begin. Immediate support for the downside is near the $61,550 level and the 100-hourly simple moving average.
The first major support is $61,000. If the closing price falls below $61,000, the price may start to fall towards $60,400. More losses could push the price towards the $60,000 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now gaining speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $61,550, then $61,000.
Key resistance levels – $62,200, $62,500 and $63,500.