Bitcoin price recovered above the $60,000 resistance level. BTC is currently struggling to clear the $61,200 and $61,500 resistance levels.
Bitcoin started a recovery wave above the $60,000 resistance area.
The price is currently above $60,000 and the 100 hourly simple moving average.
There was a break above a connecting bearish trend line with resistance at $59,500 on the hourly chart of the BTC/USD pair (data source from Kraken).
If the pair breaks the $61,500 resistance area, it is likely to attempt another up move.
Bitcoin price momentum is strong
Bitcoin price started a steady increase above the $58,500 resistance area. BTC was able to clear the $59,500 and $60,000 resistance levels.
There was a break above a connecting bearish trend line with resistance at $59,500 on the hourly chart of the BTC/USD pair. It even surged above $61,500. A high was formed at $61,555 and the price is currently correcting gains.
The price declined below the $61,200 and $61,000 levels. The price declined below the 23.6% Fibonacci retracement level of the upward move from the $58,441 low to $61,555 high.
Bitcoin price is currently trading above $60,000 and the 100 hourly simple moving average. It is also well above the 50% Fibonacci retracement level of the upward move from the $58,441 swing low to $61,555 high. On the upside, the price is likely to face resistance near $61,200.
The first key resistance is near $61,500. A clear break above the $61,500 resistance could drive the price further up in the coming sessions. The next key resistance could be $62,500.
The next major resistance is $63,500. A close above the $63,500 resistance is likely to spark more gains. In such a case, the price is likely to rise and test the $65,000 resistance.
BTC drops again?
If bitcoin fails to clear the $61,500 resistance zone, it could decline again. An immediate support on the downside is near $60,000 and the 100 hourly simple moving average.
The first major support is at $59,650. The next support is currently located near the $59,150 area. If the price declines further, it could drop to the $58,500 support level and even to $57,200 in the near term.
Technical indicators:
Hourly MACD – The MACD is currently losing speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
The main support level – $60,000, followed by $59,650.
Major Resistance Levels – $61,200 and $61,500.
