Bitcoin has recovered from the resistance level of $62,000. BTC has to break through the $62,500 barrier in order to keep moving higher.
- Bitcoin has started to recover above $61,500.
- It is currently trading at a price below $63,000, and it’s moving lower than the 100-hour Simple Moving average.
- The hourly chart for the BTC/USD pairs shows a bearish key trend line with resistance of $62,500. (Data feed by Kraken)
- It may be difficult for the pair to move above $62,500 or $63,000.
Bitcoin price faces resistance
The Bitcoin price has extended its losses to below. $60,000 support zone. BTC has even reached the support level of $58,500, which is where the bulls have emerged. The price has corrected its losses after a low at $58,448. Above the $60k level, there was an impressive increase.
Price climbed over the Fib 50% retracement of the down wave between the swing high at $64,460 and the low at $58,448. The price even climbed above the pivotal level of $62,000. Bitcoin’s price, however, is trading still below $63,000. It also remains under the 100 hourly Simple Moving average.
According to the discussion, it appears that there is a price rejection zone around $62,500. yesterday. On the hourly BTC/USD chart, there is also an important bearish trendline forming at resistance of $62,500. The 61.8% retracement Fib of the decline wave from the swing high $64,460 to the low $58,448 is very close.
You can also find out more about the following: next Key resistance might be $63,000. Price could rise if the resistance is broken. Price could increase and try to test $63,500. BTC’s price could rise further and test the $63,500 resistance.
BTC to decline again?
Bitcoin could begin a new decline if it fails to rise above the resistance zone of $62,500. The immediate support for Bitcoin’s downside is around the $60,500 mark.
First major assistance is $60,000 First major support is $60,000. next Support is now developing near $58,500. If the market continues to fall, it could soon reach the $58,500 zone of support.
The following are technical indicators.
Hourly MACD – The MACD is now 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 – $60,500, followed by $60,000.
Major Resistance Levels – $62,500, and $63,000.
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Source: www.newsbtc.com