Bitcoin’s price recovered after finding support at $61,800. BTC is now consolidating gains at $63,500 after a jump to $64,500.
- Bitcoin has started to increase again after finding support around $61,800.
- Price is above the Simple Moving Average of 100 hours and $63,500.
- On the hourly BTC/USD chart, there was a breakout above the key trendline with resistance of $63,250 (data from Kraken).
- If the pair is to move higher, it must remain above the $63,200 zone.
The Bitcoin price is Holding Ground
Bitcoin prices started to fall again below $2,000 $63,500 pivot level. BTC fell below $62,000 before bulls appeared. The price began a wave of recovery after forming a low at $61,774.
The resistance levels of $62,500 and $63500 were surpassed. On the hourly BTC/USD chart, there was also a breakout above the key trendline with resistance at the $63,250 level. The pair spiked even above $64,500. It then tested $64,750.
At $64,738 a new high formed and a downward correction began. A move was made below $64,000. Price tested 50% Fib level of upward movement from $61,774 swing-low to $64,738.
Bitcoin now trades above $63,500 100 hourly Simple moving average. The immediate resistance level is around $64,000. First major resistance may be at $64,750 or $64,500. Price could rise if the market moves clear above $64,750. If the price moves above $64,750, it could go higher. next The resistance is currently $65,500.
Source: BTCUSD on TradingView.com
The price may continue to rise if there is an upward movement above the resistance level of $65,500. Price could increase to $66,200. The next The $68,000 resistance zone is a major area of concern. Bitcoin could reach the $70,000 zone of resistance in the short term if it gains more.
BTC to decline again?
Bitcoin may continue its downward trend if it does not rise above $64,750. Support on the downside near $63,500 is immediate.
Sixty-three thousand dollars is the first important support. The price may start dropping towards $61,750, if there’s a close under $63,000. In the short term, any further losses could send the price towards the $61,200 zone of support.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $63,500, followed by $63,000.
Major Resistance Levels – $64,000, $64,500, and $65,500.
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