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Bitcoin price recovered and tested the $63,650 resistance area. Bitcoin is now consolidating its gains and may try to surpass $63,650 again.
- Bitcoin started a decent rally above the $62,500 and $63,000 levels.
- The price is trading above $62,250 and the 100-hour simple moving average.
- There is a connected bullish trend line forming with support at $62,800 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could gain bullish momentum if it breaks the $63,650 resistance zone.
Bitcoin price maintains its position
Bitcoin price started decent upward movement Above the $61,200 area, Bitcoin managed to surpass 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 area. 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 $63,798 swing high.
Bitcoin price is now trading above $62,250 100 hour simple moving averageThere is also a connected 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 may face resistance near the $63,250 level. The first major resistance is near the $63,650 level. The next major resistance could be at $64,000. A clear move above the $64,000 resistance could start a steady increase and push the price higher.
In the mentioned case, the price may rise and test the $65,000 resistance level. Any further gains may push Bitcoin towards the $66,500 resistance level in the near term.
Are dips supported in BTC?
If Bitcoin fails to rise above the resistance area at $63,650, it could slowly move lower. Immediate support on the downside is near the $62,800 level and the trend line.
The first major support is at $62,200. The next support is now forming near $61,800 and the 100-hour simple moving average. It is near the 50% Fib retracement level of the upward move from the $59,950 swing low to $63,798 high. Any further losses could push the price towards the $60,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $62,800, followed by $61,800.
Key resistance levels – $63,650, $64,000.
