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Bitcoin price failed to continue rising above the $63,650 resistance area. Bitcoin is now correcting the gains and may revisit the $60,850 support level.
- Bitcoin started a downside correction from the $63,650 resistance area.
- The price is trading below the $62,500 level and the 100-hour simple moving average.
- There is a connected bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair may struggle to start a fresh rally above the $62,250 resistance zone.
Bitcoin price drops again
Bitcoin price struggled to extend gains above Resistance levels 63,650 and 63,800A high was formed at $63,798 and the price started a downside correction.
The price dropped below the $63,000 level. The bears managed to push it below the $62,500 level and the 100-hour simple moving average. There was also a move below the 50% Fib retracement level of the upside move from the $59,951 swing low to $63,798 swing high.
Bitcoin price is now trading below $62,500 100 hour simple moving averageThere is also a connected bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.
The bulls are now trying to protect the $61,400 area and the 61.8% Fibonacci retracement level of the upward move from the $59,951 swing low to $63,798 high. In case of another rise, the price could face resistance near the $61,850 level and the trend line.
The first major resistance is near the $62,250 level. The next major resistance could be at $62,500. A clear move above the $62,500 resistance could start a steady increase and send the price higher.
In the mentioned case, the price may rise and test the $63,250 resistance level. Any further gains may push Bitcoin towards the $63,650 resistance level in the near term.
More BTC losses?
If Bitcoin fails to rise above the resistance area at $62,250, it could continue to decline. Immediate support on the downside is near the $61,400 level.
The first major support is $60,850. The next support is now forming near $60,500. Any further losses could push the price towards the $60,000 support area in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $61,400, followed by $60,850.
Key resistance levels – $62,250, $62,500.
