Bitcoin price found support at $61,800 and recovered higher. BTC surged to $64,500 and is currently consolidating gains above $63,500.
- Bitcoin started a fresh rise after finding support near the $61,800 zone.
- The price is trading above $63,500 and the 100 hourly simple moving average.
- There was a break above a key downtrend line with resistance at $63,250 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair must remain above the $63,200 support zone to continue rising in the near term.
Bitcoin price holds strong
Bitcoin price began a further decline below the pivot level of $63,500. BTC fell below the $62,000 level before the bulls emerged. A low formed at $61,774 and the price triggered a recovery wave.
There was a move above the $62,500 and $63,500 resistance levels. Additionally, there was a break above a key downtrend line with resistance at $63,250 on the hourly chart of the BTC/USD pair. The pair even surpassed $64,500 and tested $64,750.
A high was formed at $64,738 and the price began a downward correction. There was a move below the $64,000 level. The price tested the 50% Fibonacci retracement level of the upward move from the $61,774 low to $64,738 high.
Bitcoin is now trading above $63,500 and the 100 hourly simple moving average. Immediate resistance is near the $64,000 level. The first major resistance could be $64,500 or $64,750. A sharp move above the $64,750 resistance could send the price higher. The next resistance now lies at $65,500.
Source: BTCUSD on TradingView.com
If there is a clear move above the $65,500 resistance zone, the price could continue to rise. In the case mentioned, the price could reach $66,200. The next major resistance lies near the $68,000 area. Any further gains could send Bitcoin towards the $70,000 resistance zone in the near term.
Another drop in BTC?
If Bitcoin fails to rise above the $64,750 resistance zone, it could continue to decline. Immediate downside support is near the $63,500 level.
The first major support is $63,000. If the close is below $63,000, the price could start to decline towards $61,750. Any further losses could send the price towards the $61,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $63,500, followed by $63,000.
Major resistance levels – $64,000, $64,500 and $65,500.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold investments and, naturally, investing involves risks. You are advised to carry out your own research before making any investment decision. Use the information provided on this website entirely at your own risk.