This article is also available in Spanish.
Bitcoin price corrected gains and tested the $61,850 area. BTC is strengthening and may aim for a new rally above the $62,500 resistance level.
- Bitcoin holds gains above the $61,850 area.
- The price is trading below the $62,500 level and the 100 hourly simple moving average.
- There is a solid bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase unless there is a close below the $61,700 area.
Bitcoin price is looking for another increase
Bitcoin price failed to settle above $65,000 and started a new decline. BTC was trading below the $64,000 and $63,500 levels. It even broke the support of $62,500.
The low was formed at $61,825 and the price is now consolidating losses. There was a slight increase above the $62,250 level. The price tested the 23.6% Fibonacci retracement level of the recent decline from the high of $64,419 to the low of $61,825.
Bitcoin price is now trading below $62,500 and the 100 hourly simple moving average. On the upside, the price may face resistance near the $62,500 level. There is also a solid downtrend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $63,150 level or the 50% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low. A clear move above the $63,150 resistance level could send the price higher. The next major resistance could be $64,200.
A close above the $64,200 resistance could lead to further gains. In the mentioned case, the price may rise and test the $65,000 resistance level. Any further gains may push the price towards the $65,500 resistance level.
More losses in BTC?
If Bitcoin fails to rise above the $62,500 resistance area, it could start another decline. Immediate support on the downside is near the $62,000 level.
The first major support is near the $61,850 level. The next support is now near the $61,200 area. Any further losses could send the price towards the $60,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $62,000, followed by $61,850.
Major resistance levels – $62,500 and $63,150.