Bitcoin’s price began a wave of recovery above $62,000. BTC consolidates and may aim to gain more if it passes the $64,500 zone of resistance.
- Bitcoin has managed to establish a strong base of $60,000, and this is what started the recovery wave.
- Price trading is over $62,500, and above the 100-hour simple moving average.
- On the hourly chart for the BTC/USD, there was a breakout above the bearish trendline with resistance of $61,500 (data from Kraken).
- It is possible that the pair will gain strength if it settles at or above $64,500.
Bitcoin price is aiming for new gains
Bitcoin’s price is still above its support level $60,000 zone. BTC has formed a solid base, and it settled at $61,200. This is the beginning of a wave of recovery. The $62,000 level and the $62,200 level were both moved above.
On the hourly BTC/USD chart, the price broke above the bearish trendline with resistance of $61,500. Bulls managed to move the price up above the Fib level for the 23.6% retracement of the previous decline. downward move From the swing-high of $74,100 to the low of $59,107
But the bears seem to be active in this area. Bitcoin has now risen above the $62,500 mark and 100 hourly moving average. The price could try to increase if it remains above $62,000. Near the $64,500 mark, there is immediate resistance.
Near the $65,000 mark, we have our first major resistance. If the price closes above $65,000, it could send the market higher. The price may rise in the case stated and try to test the $66,500 level or 50% Fib of the decline from the swing high $74,100 down to the low $59,107. In the case of further gains, the price could move towards the $68,500 resistance level. Bulls may face a next hurdle of $70,000.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance level of $64,500. Support is close to the $62,800 area.
The next major support will be near $62,500. Next support now lies near $62,000. Price could drop to $61,500 in near-term if there are any more losses. BTC may struggle to recover below the $61,200 support level in the short term.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $62,500, followed by $62,000.
Major Resistance Levels – $64,500 and $66,500.
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Source: www.newsbtc.com
