Bitcoin price failed to continue above the $63,650 resistance zone. BTC is now correcting gains and could revisit the $60,850 support.
- Bitcoin started a downside correction towards the $63,650 resistance zone.
- The price is trading below $62,500 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may struggle to initiate a fresh increase above the $62,250 resistance zone.
Bitcoin Price Drops Again
Bitcoin price struggled to extend gains above the Resistance levels at $63,650 and $63,800. A high was formed at $63,798 and the price started a negative correction.
The price declined below the $63,000 level. The bears managed to push it below the $62,500 level and the 100 hourly simple moving average. There was also a move below the 50% Fib retracement level of the upward move from the $59,951 low to $63,798 high.
Bitcoin price is now trading below $62,500 and the 100-hour simple moving average. There is also a bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.
The bulls are now trying to protect the $61,400 zone and the 61.8% Fibonacci retracement level of the upward move from the $59,951 low to $63,798 high. If there is another rise, the price could face resistance near the $61,850 level and the trendline.
The first key resistance is near the $62,250 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.
![Bitcoin Price Takes a Step Back: Analyzing the Recent Correction 1 Bitcoin Price](https://thegurumedia.com/wp-content/uploads/2024/07/Bitcoin_99759e.png)
In this case, the price could move higher and test the $63,250 resistance. Any further gains could send BTC towards the $63,650 resistance in the near term.
More BTC losses?
If Bitcoin fails to climb above the $62,250 resistance zone, it could continue to decline. The immediate support on the downside is near the $61,400 level.
The first major support is at $60,850. The next support is now forming near $60,500. Any more losses could send the price towards the $60,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $61,400, followed by $60,850.
Key Resistance Levels – $62,250 and $62,500.