Bitcoin price is consolidating above the USD 60,550 support zone. BTC could avoid more downsides if it manages to recover above the USD 62,400 resistance.
- Bitcoin is still struggling to recover above the USD 62,200 and USD 62,400 levels.
- The price is trading above USD 61,500 and the 100 hourly Simple Moving Average.
- There was a break above a major bearish trendline with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again unless there is a close above the $62,400 resistance zone.
Bitcoin price faces hurdles
Bitcoin price struggled to rise above the USD 62,400 resistance zone. BTC fell below USD 62,000 again, but the bulls were able to protect the USD 60,550 support. The recent high was reached at $62,297 and the price is now consolidating.
Recently, there was a break above a major bearish trendline with resistance at $61,250 on the hourly chart of the BTC/USD pair. It is trading above the 50% Fib retracement level of the upward move from the $60,580 swing low to the $62,297 high.
Bitcoin price is now trading above $61,500 and the 100 hourly Simple Moving Average. If another rise occurs, the price may encounter resistance near the $62,250 level. The first major resistance is near the $62,400 level.
The next major resistance could be at USD 62,500. A clear move above the USD 62,500 resistance could trigger a steady rise and send the price higher. In the mentioned case, the price could rise and test the USD 63,500 resistance. Any further gains could send BTC towards the resistance at $64,400 in the short term.
Another drop in BTC?
If Bitcoin fails to climb above the USD 62,400 resistance zone, it could trigger another decline. The 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 the $62,297 high. The next support is now forming near $60,550. Any further 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.
Major support levels – $61,150, followed by $60,550.
Major resistance levels – $62,250 and $62,400.