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Bitcoin price corrected gains and tested the $61,850 zone. BTC is consolidating and could aim for a fresh rise above the USD 62,500 resistance.
- Bitcoin holds gains above the $61,850 zone.
- The price is trading below $62,500 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $61,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again unless there is a close below the $61,700 zone.
Bitcoin price looks set for another surge
The Bitcoin price did not rise above $65,000 and started a new decline. BTC traded below the USD 64,000 and USD 63,500 levels. It even broke the USD 62,500 support.
A low was formed at $61,825 and the price is now consolidating losses. There was a small increase above the USD 62,250 level. The price tested the 23.6% Fib retracement level from the recent decline from the $64,419 swing high to the $61,825 low.
Bitcoin price is now trading below $62,500 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 62,500 level. A connecting bearish trendline is also forming with resistance at $61,450 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $63,150 level or the 50% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low. A clear move above the USD 63,150 resistance could push the price higher. The next major resistance could be at USD 64,200.
A close above the resistance at $64,200 could lead to more gains. In the said case, the price could rise and test the USD 65,000 resistance level. Any further gains could send the price towards the USD 65,500 resistance level.
Lose more in BTC?
If Bitcoin fails to rise above the USD 62,500 resistance zone, it could trigger another decline. The immediate downside support is near the USD 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 send the price towards the USD 60,000 support in the short 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 below the 50 level.
Major support levels – USD 62,000, followed by USD 61,850.
Major resistance levels – $62,500 and $63,150.
