Bitcoin price gained pace above the $63,500 resistance. BTC tested the $64,800 zone and is currently correcting gains.
- Bitcoin is correcting gains from the $64,800 zone.
- The price is trading below $63,500 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $63,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it breaks the $62,450 support zone.
Bitcoin Price Begins to Retreat
Bitcoin price increased its increase above the $63,500 level. BTC was able to overcome the $63,800 and $64,200 resistance levels to move into a positive zone.
The bulls even pushed the price above the $64,500 level. A high was formed at $64,777 and the price is now correcting gains. There was a decline below the $64,000 and $63,500 support levels. The price fell below the 61.8% Fibonacci retracement level of the upward move from the $62,440 swing low to $64,777 high.
Bitcoin is now trading below $63,500 and the 100-hour simple moving average. It is also below the 76.4% Fibonacci retracement level of the upward move from the $62,440 low to $64,777 high.
If there is a fresh increase, the price could face resistance near the $63,250 level. There is also a bearish trend line forming with resistance at $63,240 on the hourly chart of the BTC/USD pair. The first key resistance is near the $63,500 level. A clear move above the $63,500 resistance could push the price higher.
The next key resistance could be at $64,200. A close above the $64,200 resistance could lead to further upside. In this case, the price could move higher and test the $64,750 resistance.
More downsides to BTC?
If Bitcoin fails to climb above the $63,500 resistance zone, it could continue to decline. Immediate support on the downside is near the $62,750 level.
The first major support is at $62,450. The next support is now near the $62,000 zone. Any more losses could send the price towards the $61,200 support 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 – $62,750, followed by $62,450.
Key Resistance Levels – $63,500 and $64,200.
