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Bitcoin Shows Resilience Above Key Support Levels
The Bitcoin price has started a downside correction after hitting resistance at the $64,750 level. Despite this pullback, BTC remains above the $62,500 support and is displaying signs that it may be gearing up for another upward movement.
- Bitcoin is currently consolidating gains below the $63,800 resistance zone.
- The price is trading below $63,500 and the 100 hourly Simple Moving Average (SMA).
- An existing bearish trend line has resistance at $63,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could initiate a fresh increase if it breaks above the $63,700 resistance zone.
Bitcoin Price Revisits $62,500
After failing to clear the $64,750 resistance, Bitcoin began a downside correction, dropping below the $64,000 and $63,500 support levels. There was even a brief dip below $63,000.
A low was formed at $63,673, and BTC is now in a consolidation phase. The price has moved back above the $63,000 level, surpassing the 23.6% Fibonacci retracement level of the downward move from the $64,770 high to the $62,673 low.
Bitcoin is currently trading below $63,500 and the 100 hourly SMA. If a fresh increase occurs, the price may face resistance near the $63,250 level, where a bearish trend line provides resistance at $63,300 on the hourly chart of the BTC/USD pair.
Potential for Fresh Increase
The first significant resistance is near the $63,700 level. A clear move above this resistance could propel the price higher. The next major resistance lies at $64,000, which aligns with the 61.8% Fibonacci retracement level of the recent drop from the $64,770 high to the $62,673 low. If Bitcoin manages to close above the $64,000 resistance, it could trigger further gains, potentially testing the $64,750 resistance level.
More Losses in BTC?
If Bitcoin fails to rise above the $63,700 resistance zone, it might continue its downward trend. Immediate support on the downside is near the $63,000 level.
The first major support is situated around the $62,500 level, followed by support at the $62,000 zone. Any further declines could push the price towards the $61,200 support in the near term.
Technical Indicators
Hourly MACD: The MACD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now below the 50 level.
Major Support Levels: $63,000, followed by $62,500.
Major Resistance Levels: $63,600, and $64,000.
