Bitcoin price started a new rise above the USD 62,000 resistance zone. BTC is now consolidating and could target more gains above $63,000.
- Bitcoin is struggling to start a new rise above the $63,200 zone.
- The price is trading above USD 61,500 and the 100 hourly Simple Moving Average.
- A short-term descending channel is forming with resistance at $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could regain traction if a close above the $63,200 resistance zone.
Bitcoin price holds support
Bitcoin price formed a base and started a new rise above the USD 61,200 resistance. BTC managed to overcome the USD 62,000 resistance to move into a positive zone. The price even spiked above $63,000 before the bears appeared.
It reached a high at $63,445 and the price is now consolidating gains. There was a small decline below the $63,000 level. There was a small move below the 23.6% Fib retracement level of the upward move from the $58,888 swing low to the $63,445 high.
Bitcoin price is now trading above $62,000 and the 100 hourly Simple Moving Average. On the upside, the price could encounter resistance near the USD 63,000 level. A short-term descending channel is also forming with resistance at $63,000 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $63,200 level. A clear move above the USD 63,200 resistance could push the price higher. The next major resistance could be at USD 63,500.
A close above the resistance at $63,200 could lead to more gains. In the said case, the price could rise and test the USD 64,500 resistance level. Any further gains could send the price towards the USD 65,000 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 63,200 resistance zone, it could trigger another decline. The immediate downside support is near the USD 62,250 level.
The first major support is near the $62,000 level. The next support now lies near the $61,150 zone or the 50% Fib retracement level of the upward move from the $58,888 swing low to the $63,445 high. 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 bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 62,000, followed by USD 61,150.
Major resistance levels – $63,000 and $63,500.