Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price recovered and tested the $63,650 resistance zone. BTC is now consolidating gains and might make another attempt to surpass $63,650.
- Bitcoin started a decent increase above the $62,500 and $63,000 levels.
- The price is trading above $62,250 and the 100 hourly Simple moving average.
- There is a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might gain bullish momentum if it clears the $63,650 resistance zone.
Bitcoin Price Holds Ground
Bitcoin price started a decent upward move above the $61,200 zone. BTC was able to clear the $62,000 and $63,000 resistance levels to move into a short-term positive zone.
However, the bears took a stand near the $63,650 zone. A high was formed at $63,798 and the price recently corrected some gains. There was a move below the $63,200 level. The price tested the 23.6% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high.
Bitcoin price is now trading above $62,250 and the 100 hourly Simple moving average. There is also a connecting bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair.
If there is another increase, the price could face resistance near the $63,250 level. The first key resistance is near the $63,650 level. The next key resistance could be $64,000. A clear move above the $64,000 resistance might start a steady increase and send the price higher.
In the stated case, the price could rise and test the $65,000 resistance. Any more gains might send BTC toward the $66,500 resistance in the near term.
Are Dips Supported In BTC?
If Bitcoin fails to climb above the $63,650 resistance zone, it could slowly move down. Immediate support on the downside is near the $62,800 level and the trend line.
The first major support is $62,200. The next support is now forming near $61,800 and the 100 hourly Simple moving average. It is close to the 50% Fib retracement level of the upward move from the $59,950 swing low to the $63,798 high. Any more losses might send the price toward the $60,500 support zone in the near term.
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 – $62,800, followed by $61,800.
Major Resistance Levels – $63,650, and $64,000.
