Bitcoin price started a wave of recovery above the $62,500 zone. BTC is consolidating and could target higher gains if it breaks the $64,000 resistance zone.
- Bitcoin started a wave of recovery and climbed above $62,000.
- The price is moving above $62,200 and the 100-hour simple moving average.
- An uptrend line is forming with support at $62,500 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could gain bullish momentum if it breaks above the $64,000 zone.
Bitcoin price recovery faces resistance
Bitcoin price remained supported above the $60,500 zone. BTC formed a base and settled above $61,500 to start a wave of recovery. There was a move above the $62,200 and $62,500 levels.
The price even surpassed the 23.6% Fib retracement level from the $74,100 move down to the $74,100 low. However, the bears seem to be active near $64,000. The price is once again moving lower below the $63,200 level.
Bitcoin is now trading above $62,500 and the 100-hour simple moving average. In addition, an uptrend line is forming with support at $62,500 on the hourly chart of the BTC/USD pair.
If the price holds steady above $62,500, it could attempt another rally. Current resistance is near the $63,500 level. The first key resistance is near the $64,000 level. A close above the $64,000 resistance could further push the price higher. In the said case, the price could rise and test the $65,500 resistance. Any further gains could send the price towards the $66,500 level or the 50% Fib retracement level of the $74,100 downtrend to the $74,106 low. The next hurdle for the bulls could be $68,000.
Continued decline in BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, another downtrend could begin. Current support is near the $62,500 level.
The first major support is near the $62,200 level. The next support is now near the $61,500 zone. Any further losses could send the price towards the $61,000 support in the near term. The main support now stands at $60,000, below which BTC may struggle to recover in the near future.
Technical indicators:
Hourly MACD – MACD is now losing ground in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.
Major support levels – $62,500 and then $62,000.
Major resistance levels – $64,000 and $65,500.
