Bitcoin price started a recovery wave above the $62,000 zone. BTC is consolidating and could target more gains if it breaks the USD 64,500 resistance zone.
- Bitcoin managed to form a base above $60,000 and started a recovery wave.
- The price is trading above USD 62,500 and the 100 hourly moving average.
- There was a break above a bearish trendline with resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it settles above the $64,500 zone.
Bitcoin Price Eyes New Gains
Bitcoin price remained supported above the $60,000 zone. BTC formed a base and settled above $61,200 to start a recovery wave. There was a move above the USD 62,000 and USD 62,200 levels.
Moreover, there was a break above a bearish trendline with resistance at $61,500 on the hourly chart of the BTC/USD pair. The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $74,100 swing high to the $59,107 low.
However, the bears are active around $64,000. Bitcoin is now trading above $62,500 and the 100 hourly moving average. If the price remains stable above $62,000, another move up can be attempted. The immediate resistance is near the $64,500 level.
The first major resistance is around the $65,000 level. A close above the USD 65,000 resistance could send the price higher. In the said case, the price could rise and test the $66,500 resistance or the 50% Fib retracement level of the downward move from the $74,100 swing high to the $59,107 low. Any further gains could send the price towards the USD 68,500 level. The next barrier for the bulls could be $70,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 64,500 resistance zone, it could trigger another decline. Immediate support is near the $62,800 level.
The first major support is near the $62,500 level. The next support is now near the $62,000 zone. Any further losses could send the price towards the USD 61,500 support in the near term. The key support now lies at $61,200, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 62,500, followed by USD 62,000.
Major resistance levels – $64,500 and $66,500.