Bitcoin price began to recover above the $62,000 zone. BTC is consolidating and looking to make more gains if it clears the $64,500 resistance zone.
- Bitcoin managed to form a base above $60,000 and started to recover.
- The selling price is above $62,500 with a 100 hour easy travel average.
- There was a break above the bearish trend line and resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to gain interest if it settles above the $64,500 zone.
Bitcoin Price Eyes New Profits
Bitcoin price remained supported above $60,000 zone. BTC formed a base and settled above $61,200 to start a recovery. There was a move above the $62,000 and $62,200 levels.
Besides, there was a break above the bearish line and resistance at $61,500 on the BTC/USD hourly chart. The bulls managed to push the price above the 23.6% Fib retracement level of the moving down from a high of $74,100 to a low of $59,107.
However, the bears are working near $64,000. Bitcoin is now trading above $62,500 with a 100 hourly simple moving average. If the price remains stable above $62,000, it can test a new increase. The resistance is near the $64,500 level.
The first important resistance is near the $65,000 level. A close above the $65,000 resistance could send the price higher. In the said case, the price may rise and test the resistance of $66,500 or the 50% Fib retracement level of the downward move from the $74,100 swing high to the $59,107 low. Any further gains could send the price to the $68,500 level. The next barrier for bulls could be $70,000.
Another decline in BTC?
If Bitcoin fails to rise above the $64,500 resistance zone, it may start another decline. Immediate support is near the $62,800 level.
The first major support is near the $62,500 level. The next support is now near the $62,000 zone. Any further damage could send the price to the $61,500 support soon. Major support now sits at $61,200, below which BTC may struggle to recover soon.
Technical specifications:
Hourly MACD – MACD is now moving into bullish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major Contributions – $62,500, followed by $62,000.
Main Objection Values - $64,500 and $66,500.
