Bitcoin price fixed lower and checked $59,500 versus the United States Dollar. BTC is recovering losses, but upsides might be capped above $63,250 in the near term.
- Bitcoin decreased listed below the $63,200 and $62,000 assistance levels.
- The price is now trading below $62,000 and the 100 hourly simple moving average.
- There was a break above a key bearish pattern line with resistance near $61,000 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The pair could start a steady increase if there is a close above the 100 hourly SMA and then $63,250.
Bitcoin Price Faces Resistance
Bitcoin price traded to a brand-new all-time high near $66,982 prior to beginning a disadvantage correction. BTC corrected lower below the $65,000 and $63,250 support levels.
There was likewise a break listed below the $62,000 assistance zone and the 100 per hour easy moving average. Finally, the price spiked below $60,000, but the bulls were active above the $59,500 level. A low is formed near $59,610 and the price is now combining losses.
There was a recovery wave above the $60,500 and $61,000 levels. Bitcoin went beyond the 23.6% Fib retracement level of the down relocation from the $66,982 swing high to $59,610 low.
There was also a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair. The set is now dealing with resistance near the $62,000 level and the 100 per hour SMA. A clear break above the $62,000 resistance could open the doors for a fresh increase.
The next significant resistance sits near the $63,250 level. It is near the 50% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low.
Any more gains might perhaps call open the doors for a relocation towards the $64,000 level. The next major resistance sits near the $65,000 level.
More Losses In BTC?
If bitcoin stops working to clear the $63,250 resistance zone, it might extend its disadvantage correction. An immediate support on the downside is near the $61,200 level.
The initially significant assistance is now forming near the $60,000 level. A break below the $60,000 support may possibly push the price towards the $58,000 support zone.
Technical signs:
Hourly MACD – The MACD is gradually acquiring speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $61,200, followed by $60,000.
Major Resistance Levels – $62,000, $62,500 and $63,250.
