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Bitcoin price is consolidating above the $60,000 support level. BTC appears to be eyeing a fresh surge above the $61,200 and $61,500 levels.
- Bitcoin is consolidating above the $60,000 support area.
- The price is trading below the $61,750 level and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance at $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it crosses the $61,200 resistance area.
Bitcoin price is indicating positive movements
Bitcoin price continued its decline below the $61,200 support level. BTC broke the $60,500 and $60,200 support levels to move into a short-term bearish zone. The price even dropped below $60,000.
The low was formed at $59,850 and the price is now consolidating losses. There was a slight increase above the $60,450 level. The price rose above the 50% Fib retracement level of the downward move from the high of $62,350 to the low of $59,850.
There was also a break above the major downtrend line with resistance at $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below the $61,750 level and the 100 hourly simple moving average.
On the upside, the price may face resistance near the $61,400 level. The first major resistance is near the $61,750 level or the 76.4% Fib retracement level of the downward move from the $62,350 swing high to the $59,850 low. A clear move above the $61,750 resistance level could send the price higher. The next major resistance could be $62,350.
A close above the $62,350 resistance could lead to further gains. In the mentioned case, the price may rise and test the resistance level of $62,850. Any further gains may push the price towards the $63,200 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the $61,750 resistance area, it could start another decline. Immediate support on the downside is near the $60,450 level.
The first major support is near the $60,000 level. The next support is now near the $59,850 area. Any further losses could send the price towards the $58,800 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 – $60,450, followed by $60,000.
Major resistance levels – $61,400 and $61,750.
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