The Bitcoin price has been consolidating over the $60,550 zone of support. BTC may avoid any further declines if the price manages to rise above $62,400.
- Bitcoin continues to struggle with a recovery above the $62,200-and $62,400 level.
- Price is above the Simple Moving Average of 100 hours and $61,500.
- On the hourly BTC/USD chart, there was a breakout above the major trendline with resistance of $61,250 (data from Kraken).
- If the resistance level of $62,400 is not broken, then it could be that this pair starts to decline again.
Bitcoin Price Faces Challenges
The Bitcoin price has struggled to climb above the $62,400 resistance zone. BTC fell below the $62,000 mark again, but bulls managed to hold the support of $60,550. Recent highs were formed at 62,297, and now the price is consolidating.
The hourly chart for the BTC/USD has recently shown a breakout above a significant bearish trend line. This resistance is at $61,250. This pair is currently trading above 50% of the Fib retracement from the 60,580 swing-low to the 62,297 high.
Bitcoin is currently trading at a price of $61,500. 100 hourly Simple moving average. If the price increases again, it could encounter resistance around the level of $62,250. The $62,400 mark is the first major resistance.
Next, the key resistance might be at $62,500. The price could rise steadily if the resistance of $62,500 is clearly surpassed. In this case, it is possible that the price will rise to test the resistance at $63,500. BTC’s price could rise further and test the resistance of $64,400 in the near future.
BTC: Another drop in the BTC price?
Bitcoin’s next decline could be triggered if the currency fails to break through its resistance level of $62,400. The immediate support for the downside lies near the $61,450 and 100 hourly Simple Moving Average.
The first support level is at $61,150, which corresponds to the 61.8% Fib Retracement Level of the move upward from the 60,580 swing-low high to the 62,297 peak. Next support has now formed near $60,550. If the market continues to fall, it could soon reach the $58,500 zone of support.
Indicators of technical indicators
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,150, followed by $60,550.
Major Resistance Levels – $62,250, and $62,400.
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Source: www.newsbtc.com
