Bitcoin price failed to hold higher above the USD 63,650 resistance zone. BTC is now correcting gains and could revisit the USD 60,850 support.
- Bitcoin started a downward correction from the USD 63,650 resistance zone.
- The price is trading below $62,500 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to start a fresh rise above the USD 62,250 resistance zone.
Bitcoin price drops again
Bitcoin price struggled to extend gains above the USD 63,650 and USD 63,800 resistance levels. A high was formed at $63,798 and the price started a downward correction.
The price fell below the $63,000 level. The bears were able 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 swing low to the $63,798 high.
Bitcoin price is now trading below $62,500 and the 100 hourly Simple Moving Average. A connecting bearish trendline is also 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% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high. If another rise occurs, the price may encounter resistance near the $61,850 level and the trendline.
The first major resistance is around the $62,250 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 63,250 resistance. Any further gains could send BTC towards the resistance at $63,650 in the short term.
Lose more in BTC?
If Bitcoin fails to climb above the USD 62,250 resistance zone, it could continue to decline. The immediate downside support is near the $61,400 level.
The first major support is at $60,850. The next support is now near $60,500. Any further losses could send the price towards the $60,000 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 61,400, followed by USD 60,850.
Major resistance levels – $62,250 and $62,500.