Bitcoin price recovered and tested the $63,650 resistance zone. BTC is now consolidating gains and could make another attempt to break above $63,650.
- Bitcoin started a decent increase above the $62,500 and $63,000 levels.
- The price is trading above $62,250 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks above the $63,650 resistance zone.
Bitcoin Price Holds Steady
Bitcoin price started a decent upward movement above the $61,200 zone. BTC was able to overcome the $62,000 and $63,000 resistance levels to enter a short-term positive zone.
However, the bears positioned themselves near the $63,650 zone. A high was formed at $63,798 and the price recently corrected some gains. There was a move below the $63,200 level. The price tested the 23.6% Fib retracement level of the upward move from the $59,950 swing low to $63,798 high.
Bitcoin price is now trading above $62,250 and the 100-hour simple moving average. There is also a bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair.
If there is another increase, the price could face resistance near the $63,250 level. The first key resistance is near the $63,650 level. The next key resistance could be at $64,000. A clear move above the $64,000 resistance could start a steady increase and push the price higher.
In this case, the price could move higher and test the $65,000 resistance. Any further gains could send BTC towards the $66,500 resistance in the near term.
Are dips supported in BTC?
If Bitcoin fails to climb above the $63,650 resistance zone, it could slowly decline. Immediate support on the downside is near the $62,800 level and the trendline.
The first major support is at $62,200. The next support is now forming near $61,800 and the 100 hourly simple moving average. It is close to the 50% Fib retracement level of the upward move from the $59,950 swing low to $63,798 high. Any more losses could send the price towards the $60,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $62,800, followed by $61,800.
Key Resistance Levels – $63,650 and $64,000.