Bitcoin price corrected gains and tested the $61,850 zone. BTC is consolidating and could seek fresh gains above the $62,500 resistance.
- Bitcoin holds gains above the $61,850 zone.
- The price is trading below $62,500 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair, a bearish trend connecting line is forming with resistance at $61,450 (data feed from Kraken).
- The pair may start a new rise if there is no close below the $61,700 zone.
Bitcoin price is set to rise again
Bitcoin price failed to rise above $65,000 and began another decline. BTC traded below the $64,000 and $63,500 levels. It even broke through the $62,500 support.
The low was formed at $61,825, and the price is now consolidating losses. There was a slight increase above the level of $62,250. The price tested the 23.6% Fibonacci retracement level of the recent decline from the swing high of $64,419 to low of $61,825.
Bitcoin price is currently trading below $62,500 and the 100-hour simple moving average. On the downside, the price may face resistance near the $62,500 level. The hourly chart of the BTC/USD pair is also forming a bearish connecting line with resistance at $61,450.
The first key resistance is near the $63,150 level or the 50% Fibonacci retracement level of the recent decline from the $64,419 swing high to $61,825 low. A clear move above the $63,150 resistance could send the price higher. The next key resistance could be $64,200.
A close above the $64,200 resistance could trigger further gains. In this case, the price may rise and test the resistance level of $65,000. Further growth may lead the price to the resistance level of $65,500.
More losses in BTC?
If Bitcoin fails to rise above the $62,500 resistance zone, it could begin another decline. The immediate downside support is near the $62,000 level.
The first major support is near the $61,850 level. The next support is now near the $61,200 zone. Any further losses could push the price towards the $60,000 support in the near future.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major support levels are US$62,000, followed by US$61,850.
The main resistance levels are $62,500 and $63,150.
