Bitcoin Regains Traction, Why BTC Could Struggle To Continue Higher
Bitcoin price was able to clear the $62,500 resistance against the US Dollar. BTC could correct lower if altcoins continue to gain momentum in the near term.
- Bitcoin is facing resistance near the $63,500 and $64,250 levels.
- The price is now trading well above $62,500 and the 100 hourly simple moving average.
- There is a key bullish trend line with support near $62,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower if there is a downside break below the $62,500 support.
Bitcoin Price Gains Pace
Bitcoin price was able to clear the $62,500 and $62,650 resistance levels. BTC even managed to pump above the $63,500 resistance zone and the 100 hourly simple moving average.
The price even spiked above the $64,000 level, but there was no proper close. A high was formed near $64,327 and the price is now correcting lower. The price traded below the $64,000 and $63,500 support levels. There was a break below the 23.6% Fib retracement level of the upward wave from the $59,450 swing low to $64,327 high.
It is now finding bids near the $63,000 support zone. There is also a key bullish trend line with support near $62,500 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $63,650 level. The first major resistance is near the $63,800 level.
Source: BTCUSD on TradingView.com
The main resistance is still near the $64,000 and $64,250 levels. A clear break above $64,000 resistance may possibly call open the doors for a fresh rally. The next major resistance sits near the $65,500 level.
Fresh Dip In BTC?
If bitcoin fails to clear the $64,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $62,800 level. The first major support is now forming near the $62,500 level.
A break below the $62,500 support and the trend line may possibly push the price further lower. The next key support is near the $61,800 level and the 100 hourly SMA. It is also close to the 50% Fib retracement level of the upward wave from the $59,450 swing low to $64,327 high.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $62,500, followed by $61,800.
Major Resistance Levels – $63,650, $64,000 and $64,250.
Source: NewsBTC.com
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