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Bitcoin price corrected the gains and tested the $61,850 area. BTC is consolidating and may aim for a new high above the $62,500 resistance.
- Bitcoin held gains above the $61,850 area.
- The price is trading below $62,500 and the hourly moving average is 100.
- There is a bearish connecting trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can start another rise unless there is a close below the $61,700 area.
Bitcoin Price Eyes Another Increase
Bitcoin price failed to break above $65,000 and started a new low. BTC traded below the $64,000 and $63,500 levels. It even broke the $62,500 support.
A low was formed at $61,825 and the price is now covering losses. There was a slight increase above the $62,250 level. The price tested the 23.6% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low.
Bitcoin price is now trading below $62,500 with a moving average of 100 per hour. On the other hand, the price could face resistance near the $62,500 level. There is also a bearish connecting 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 or the 50% Fib retracement level of the recent decline from the $64,419 swing high to $61,825 low. A clear move above resistance at $63,150 could send the price higher. The next key resistance would be $64,200.
A close above the $64,200 resistance could trigger further gains. In the mentioned case, the price can rise and test the resistance level of $65,000. Any further gains could send the price to the resistance level of $65,500.
More Losses In BTC?
If Bitcoin fails to rise above the $62,500 resistance area, it could start another decline. Immediate support on the downside is near the $62,000 level.
The first major support is near the $61,850 level. The next support is now near the $61,200 area. Another loss could send the price to the $60,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now below the 50 level.
Major Support Levels – $62,000, followed by $61,850.
Major Resistance Levels – $62,500, and $63,150.
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