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Bitcoin price struggled to stay above the USD 64,400 level. BTC is correcting gains and trading near the USD 62,500 support zone.
- Bitcoin holds gains above the $62,500 zone.
- The price is trading above USD 62,500 and the 100 hourly Simple Moving Average.
- There was a break below a connecting bullish trendline with support at $63,000 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 $61,650 zone.
Bitcoin price corrects gains
Bitcoin price extended its rise above the $63,500 zone. BTC has even crossed the USD 64,200 resistance zone. However, the bears were active below $64,500.
It traded as high as $64,419 and the price is now correcting gains. There was a move below the USD 64,000 and USD 63,500 levels. The price fell below the 50% Fib retracement level of the upward move from the $61,723 swing low to the $64.41 high.
Moreover, there was a break below a connecting bullish trendline with support at $63,000 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $62,500 and the 100 hourly Simple Moving Average. The bulls are also protecting the 76.4% Fib retracement level of the upward move from the $61,723 swing low to the $64.41 high.
On the upside, the price could encounter resistance near the USD 63,000 level. 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 64,000.
A close above the $64,000 resistance could lead to more gains. In the said case, the price could rise and test the USD 64,400 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 63,200 resistance zone, it could trigger another decline. The immediate downside support is near the USD 62,500 level.
The first major support is near the $61,750 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 62,500, followed by USD 61,750.
Major resistance levels – $63,200 and $64,000.