Bitcoin price is consolidating above the support area of $60,550. If BTC can break the resistance level of $62,400, it may avoid further decline.
Bitcoin is still struggling to break the levels of $62,200 and $62,400.
The price is currently above $61,500 and the 100-hour simple moving average.
On the hourly chart of BTC/USD (data from Kraken), a major bearish trend line has been broken, with resistance at $61,250.
Unless the closing price breaks the resistance zone of $62,400, the currency pair may start to decline again.
Bitcoin price faces obstacles.
Bitcoin price is struggling to break the resistance zone of $62,400. BTC once again fell below $62,000, but the bulls were able to protect the support level of $60,550. The recent high was formed at $62,297, and the price is currently consolidating.
Recently, on the hourly chart of BTC/USD, a major bearish trend line was broken, with resistance at $61,250. The trading price of the currency pair is above the 50% Fibonacci retracement level of the upward trend from the swing low of $60,580 to the high of $62,297.
Bitcoin price is currently trading above $61,500 and the 100-hour simple moving average. If it rises again, the price may face resistance near $62,250. The first key resistance level is around $62,400.
The next key resistance level could be $62,500. If there is a clear break above the resistance level of $62,500, it may start to rise steadily and push the price higher. In this case, the price may rise and test the resistance level of $63,500. If it further rises, Bitcoin may fall towards the resistance level of $64,400 in the short term.
BTC falling again?
If Bitcoin fails to break the resistance zone of $62,400, it may decline again. The immediate support levels on the downside are near $61,450 and the 100-hour simple moving average.
The first major support level is $61,150, which is also the 61.8% Fibonacci retracement level of the upward trend from the swing low of $60,580 to the high of $62,297. The next support level is currently forming near $60,550. If the price further declines, it may fall towards the support area of $58,500 in the short term.
Technical indicators:
Hourly MACD – MACD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major support levels – $61,150, followed by $60,550.
Major resistance levels – $62,250 and $62,400.