Bitcoin price started a downside correction below $63,500 against the US Dollar. BTC must surpass $62,500 to start a fresh increase in the near term.
Bitcoin is facing resistance near the $62,500 and $63,000 levels.
The price is now trading above $62,000 and the 100 hourly simple moving average.
There is a key bearish trend line forming with resistance near $62,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh rally if there is a clear break above $62,500.
Bitcoin Price Faces Resistance
Bitcoin price started a downside correction below the $62,500 and $62,250 levels. BTC declined below $62,000 and the 100 hourly simple moving average.
It tested the $60,600 zone. A low is formed near $60,644 and the price is now correcting higher. There was a break above the $61,500 resistance zone. Bitcoin surpassed the 23.6% Fib retracement level of the recent decline from the $64,325 swing high to $60,644 low.
It is now trading above $62,000 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $62,250 level. There is also a key bearish trend line forming with resistance near $62,250 on the hourly chart of the BTC/USD pair.
The first major resistance is near the $62,500 level. It is near the 76.4% Fib retracement level of the recent decline from the $64,325 swing high to $60,644 low.
Source: BTCUSD on TradingView.com
A clear break above $62,500 resistance may possibly call open the doors for a fresh rally. The next major resistance sits near the $63,500 level. Any more gains might lead the price towards the $64,000 level.
Fresh Dip In BTC?
If bitcoin fails to clear the $62,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $62,000 level.
The first major support is now forming near the $61,500 level. A clear close below the $61,500 support could open the doors for a move towards the $60,500 level. The main breakdown support is near $60,000, below which the price could accelerate losses.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,500, followed by $60,500.
Major Resistance Levels – $62,250, $62,500 and $63,500.
