Bitcoin price is consolidating above the $60,550 support zone. BTC could avoid further downside if it manages to recover above the $62,400 resistance.
- Bitcoin is still struggling to recover above the $62,200 and $62,400 levels.
- The price is trading above $61,500 and the 100 hourly simple moving average.
- There was a break above a major downtrend line with resistance at $61,250 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could start another decline unless there is a close above the $62,400 resistance zone.
Bitcoin Price Faces Hurdles
Bitcoin price struggled to rise above the $62,400 resistance zone. BTC again fell below $62,000, but bulls managed to protect the $60,550 support. The recent high was formed at $62,297 and the price is now consolidating.
Recently, there was a break above a major downtrend line with resistance at $61,250 on the hourly chart of the BTC/USD pair. It is trading above the 50% Fibonacci retracement level of the upward move from the $60,580 swing low to $62,297 high.
Bitcoin price is now trading above $61,500 and the 100-hour simple moving average. If there is another increase, the price may face resistance near the $62,250 level. The first key resistance is near the $62,400 level.
The next key resistance could be at $62,500. A clear move above the $62,500 resistance could start a steady increase and push the price higher. In this case, the price could move higher and test the $63,500 resistance. Any further gains could send BTC towards the $64,400 resistance in the near term.
Another BTC decline?
If Bitcoin fails to rise above the $62,400 resistance zone, it could begin another decline. Immediate downside support is near the $61,450 level and the 100 hourly simple moving average.
The first major support is at $61,150 and the 61.8% Fib retracement level of the upward move from the $60,580 swing low to $62,297 high. The next support is now forming near $60,550. Any more losses could send the price towards the $58,500 support zone in the near term.
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.
Key support levels – $61,150, followed by $60,550.
Main resistance levels – $62,250 and $62,400.