Bitcoin price remains stable above the $60,000 area. Bitcoin is now consolidating its gains, and bulls may target a move above the $62,000 resistance area.
- Bitcoin has started a consolidation phase above the $60,000 area.
- The price is trading above the $59,500 level and the 100-hour simple moving average.
- A major bullish trend line is forming with support at $59,800 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may try to rise again if it breaks the $61,500 resistance area.
Bitcoin price maintains gains
Bitcoin price remained stable above the $58,500 pivot level. Bitcoin formed a base and started a steady rise above the $60,000 resistance area. The price rose above the $60,200 and $60,500 resistance levels.
The bulls managed to push the price above the 23.6% Fib retracement level of the downward move from the $61,800 high to $59,805 low. The current price action is positive and it seems that the bulls may target further gains above the $60,800 resistance zone.
Bitcoin is now trading above the $60,200 level and the 100-hour simple moving average. The price is now consolidating near the 50% Fib retracement level of the downside move from the $61,800 swing high to $59,805 swing low.
On the upside, the price could face resistance near the $60,800 level. The first major resistance is near the $61,800 level. A clear move above the $61,800 resistance could push the price higher in the coming sessions. The next major resistance could be at $62,000.
A close above the $62,000 resistance level could lead to further gains. In the mentioned case, the price could rally and test the $63,500 resistance level.
Another Bitcoin Drop?
If Bitcoin fails to rise above the resistance area at $61,800, it could start a downside correction. Immediate support on the downside is near the $60,200 level.
The first major support is $59,800. The next support is now near the $58,500 area. Any further losses could push the price towards the $58,000 support area or even $57,500 in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $60,200, followed by $59,800.
Key resistance levels – $60,800, $61,800.