Bitcoin price has triggered a recovery wave above the $62,500 zone. BTC is consolidating and could aim for more gains if it breaks the $64,000 resistance zone.
- Bitcoin launched a recovery wave and climbed above $62,000.
- The price is trading above $62,200 and the 100 hourly simple moving average.
- A bullish trendline forms with support at $62,500 on the hourly chart of BTC/USD (Kraken data feed).
- The pair could gain bullish momentum if it settles above the $64,000 zone.
Bitcoin price recovery faces resistance
Bitcoin price remained supported above the $60,500 zone. BTC formed a base and settled above $61,500 to start a recovery wave. There was a move above the $62,200 and $62,500 levels.
The price even surpassed the 23.6% Fib retracement level of the downward move from the $74,100 high to $59,106 low. However, the bears appear to be active near $64,000. The price drops below the $63,200 level again.
Bitcoin is now trading above $62,500 and the 100 hourly simple moving average. Furthermore, a bullish trendline is forming with support at $62,500 on the hourly chart of the BTC/USD pair.
If the price remains stable above $62,500, it could attempt a further rise. Immediate resistance is near the $63,500 level. The first key resistance is near the $64,000 level. A close above the $64,000 resistance could push the price further. In the indicated case, the price could rise and test the resistance of $65,500. Any further gains could send the price towards the $66,500 level or the 50% Fibonacci retracement level of the downward move from the $74,100 high to $59,106 low. The next barrier for the bulls could be $68,000.
Continued decline in BTC?
If Bitcoin fails to rise above the $64,000 resistance zone, it could begin a further decline. Immediate support is near the $62,500 level.
The first major support is near the $62,200 level. The next support is now near the $61,500 area. Any further losses could push the price towards the $61,000 support in the near term. The main support now lies at $60,000, below which BTC may struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $62,500, followed by $62,000.
Major resistance levels – $64,000 and $65,500.
