Bitcoin’s price began an uptrend above $60,000 against US Dollar. BTC may recover, but bears could remain active at $62,500.
- Bitcoin trades well below $62,000-$62,500 resistance levels.
- The current price trades below $62,000, and the simple moving average is 100 hours.
- The hourly BTC/USD chart shows a significant bearish trend line, with resistance close to $60,700 (data feed Kraken).
- It is possible for the pair to recover up to $62,500.
Bitcoin’s Price Goes Red
Bitcoin prices continued to fall below $62,000 support level. BTC also traded below the $60,000 level of support, and it settled lower than the 100 hourly simple moving mean.
In the end, the price dropped to $58,630. It is currently consolidating losses. A minor recovery wave occurred above $59,500 levels and $60,000 levels. A break occurred above the 23.6% Fib level of the main fall from the $66,350 swing high, to the $58,630 low.
The $60,700 mark is the immediate resistance. On the hourly chart for the BTC/USD pair, there is a significant bearish trend line that has resistance at $60,000.
The tone could be set for an even larger rise if the close is above the $60,000.00 level. Near the $62,500 mark is the first significant resistance. The Fib retracement level at 50% of the main fall from $66,350 high to $58,630 lowest is very close.
Source: BTCUSD at TradingView.com
Bears may take a stand against bulls pushing the price higher than $62,500 if they push it. The doors could be opened for $63,200 or more gains.
BTC: More losses
It could fall further if bitcoin does not recover from the $61,200 resistance level. The $59,500 level is a support area for the downside.
Near the $59,000.00 level, we see the first significant support. Near the $58,500 support level is the next significant support. Below which bears may aim for more downsides. The price could slide to the $55,000 support area in the short term, as stated above.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just above the 50 level.
Major Support Levels – $59,200, followed by $58,500.
Major Resistance Levels – $60,700, $61,200 and $62,500.