Bitcoin price is struggling to break the $64,400 level and it is currently correcting near the $62,500 support area. Below is the current analysis:

Bitcoin remains above $62,500, showing some upward momentum.

The price is above $62,500 and the 100 hourly simple moving average, which is in favor of the bulls.

There has been a break below a connecting bullish trend line on the hourly chart of BTC/USD.

$63,000 is an important support level, which if defended can help sustain the upward momentum.

Unless there is a close below the $61,650 area, Bitcoin is likely to rebound upwards again.


Bitcoin price corrects gains

Bitcoin price recently extended its uptrend and broke above the $63,500 area and reached $64,419. However, the price is currently correcting lower and it has fallen below $64,000 and $63,500.

The highest price traded was $64,419 and the current price is above $62,500 while above the 100 hourly simple moving average. The price has broken the 50% retracement level of the upward move from $61,723 to $64,419. The key support is at $63,000 and the bulls are currently protecting this level, especially the 76.4% Fibonacci retracement level.

The price is likely to face resistance near $63,000. The first important resistance is near $63,200. If this resistance is crossed, the price is likely to rise further with the next key resistance at $64,000.

Investors should keep an eye on the key levels of $63,000 and $63,200 to develop a corresponding trading strategy. Meanwhile, keep an eye on market dynamics to catch potential rebound opportunities.

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A close above the $64,000 resistance could spark more gains. In such a case, the price could rise and test the $64,400 resistance. Any further gains could sink the price towards the $65,500 resistance.


BTC Loses More?

If Bitcoin fails to break above the $63,200 resistance zone, it could decline again. An immediate support on the downside is near the $62,500 level. The first major support is at $61,750 and the next support is at the $61,200 area. If the price declines further, a drop towards the $60,000 support is possible in the near term.

Technical indicators:

The hourly MACD is currently in the bearish zone, showing weakening momentum.

The hourly RSI (Relative Strength Index) has settled below 50, which suggests that market forces are in favor of sellers.

The main support is at $62,500 followed by $61,750.

The main resistance levels are then at $63,200 and $64,000.