Bitcoin price corrected gains and tested the $61,850 area. BTC is consolidating and it could aim for fresh gains above the $62,500 resistance.

  • Bitcoin holds gains above $61,850.

  • The price is trading below $62,500 and the 100 hourly simple moving average.

  • There is a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair (data source from Kraken).

  • Unless there is a close below the $61,700 area, the pair could start another upward move.

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.