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Bitcoin price quickly rose above the USD 63,500 resistance. BTC tested the $64,800 zone and is currently correcting gains.
- Bitcoin corrects gains from the $64,800 zone.
- The price is trading below $63,500 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $63,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it breaks the USD 62,450 support zone.
Bitcoin price starts to retreat
Bitcoin price extended its rise above the USD 63,500 level. BTC was able to break the USD 63,800 and USD 64,200 resistance levels to move further into a positive zone.
The bulls even pushed the price above the USD 64,500 level. It reached a high at $64,777 and the price is now correcting gains. There was a decline below the USD 64,000 and USD 63,500 support levels. The price fell below the 61.8% Fib retracement level of the upward move from the $62,440 swing low to the $64,777 high.
Bitcoin is now trading below $63,500 and the 100 hourly Simple Moving Average. It is also below the 76.4% Fib retracement level of the upward move from the $62,440 swing low to the $64,777 high.
If there is a new increase, the price may encounter resistance near the USD 63,250 level. A connecting bearish trendline is also forming with resistance at $63,240 on the hourly chart of the BTC/USD pair. The first major resistance is around the $63,500 level. A clear move above the USD 63,500 resistance could push the price higher.
The next major resistance could be at USD 64,200. A close above the $64,200 resistance could provide more upside. In the mentioned case, the price could rise and test the USD 64,750 resistance.
More disadvantages of BTC?
If Bitcoin fails to rise above the USD 63,500 resistance zone, it could continue to decline. The immediate downside support is near the USD 62,750 level.
The first major support is at $62,450. The next support is now near the $62,000 zone. Any further losses could send the price towards the USD 61,200 support 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 – $62,750, followed by $62,450.
Major resistance levels – $63,500 and $64,200.