Bitcoin price expected to rise again
Bitcoin price failed to gain a foothold above $65,000 and started a fresh decline. BTC traded below the $64,000 and $63,500 levels. It even declined below the $62,500 support level.
A low was formed at $61,825 and the price is currently consolidating declines. The price is trading just above the $62,250 level. The price tested the 23.6% Fibonacci retracement level of the recent decline from the $64,419 high to $61,825 low.
Bitcoin price is currently trading below $62,500 and the 100 hourly simple moving average. On the upside, the price is likely to face resistance near $62,500. There is also a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $63,150 level, which is the 50% Fibonacci retracement level of the recent decline from the $64,419 high to $61,825 low. A clear break above the $63,150 resistance level could push the price higher. The next key resistance could be $64,200.
A close above the $64,200 resistance could spark more gains. In such a case, the price could rise and test the $65,000 resistance. Any further gains could sink the price towards the $65,500 resistance.
BTC Loses More?
If bitcoin fails to clear the $62,500 resistance zone, it could decline again. An immediate support on the downside is near $62,000.
The first major support is near the $61,850 level. The next support is currently near the $61,200 area. If the price declines further, it could drop to the $60,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is currently losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
The main support level – $62,000, followed by $61,850.
Major Resistance Levels – $62,500 and $63,150.
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