Bitcoin price started a wave of recovery above the $62,000 zone. BTC is consolidating and could target higher gains if it breaks the $64,500 resistance zone.
- Bitcoin managed to form a base above $60,000 and started a wave of recovery.
- The price is moving above $62,500 and the 100-hour simple moving average.
- There was a break above the bearish trendline with resistance at $61,500 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could gain bullish momentum if it breaks above the $64,500 zone.
Bitcoin price eyes fresh gains
Bitcoin price remained supported above the $60,000 zone. BTC formed a base and settled above $61,200 to start a wave of recovery. There was a move above the $62,000 and $62,200 levels.
In addition, there was a break above the bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair. The bulls managed to push the price above the 23.6% Fib retracement level of the downward move of $74,100 to the low of $59,107.
However, bears are active near $64,000. Bitcoin is now trading above $62,500 and the 100-hour simple moving average. If the price remains stable above $62,000, it could attempt another rally. Current resistance is near the $64,500 level.
The first key resistance is near the $65,000 level. A close above the $65,000 resistance could further push the price higher. In the said case, the price could rise and test the $66,500 resistance or the 50% Fib retracement level of the $74,100 downtrend to the $74,100 low. Any further gains could send the price towards the $68,500 level. The next hurdle for the bulls could be $70,000.
Another BTC crash?
If Bitcoin fails to rise above the $64,500 resistance zone, another downtrend could begin. Current support is near the $62,800 level.
The first major support is near the $62,500 level. The next support is now near the $62,000 zone. Any further losses could send the price towards the $61,500 support in the near term. The main support now stands at $61,200, below which BTC may struggle to recover in the near future.
Technical indicators:
Hourly MACD – The MACD is now gaining a step in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major support levels – $62,500 and then $62,000.
Major resistance levels – $64,500 and $66,500.
