Bitcoin price recovered above the $60,000 resistance zone. BTC is now struggling to clear the $61,200 and $61,500 resistance levels.
- Bitcoin started a recovery wave above the $60,000 resistance zone.
- The price is above $60,000 and the 100 hourly 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 feed from Kraken).
- The pair could attempt a fresh increase if it settles above the $61,500 resistance zone.
Bitcoin price gains momentum
Bitcoin price started a decent upward move above the $58,500 resistance zone. BTC managed 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. The price even spiked above the $61,500 level. A high was formed near $61,555 and the price is now correcting gains.
There was a move below the $61,200 and $61,000 levels. The price fell below the 23.6% Fib retracement level of the upward move from the $58,441 swing low to $61,555 high.
Bitcoin price is currently trading above $60,000 and the 100 hourly moving average. It is also well above the 50% Fib retracement level of the upward move from the $58,441 swing low to $61,555 high. On the upside, the price could face resistance near the $61,200 level.
The first key resistance is near the $61,500 level. A clear break above this level could propel the price further higher in the coming sessions. The next key resistance could be near the $62,500 level.
The next major hurdle is at $63,500. A close above the $63,500 resistance could trigger further upside moves. In the said case, the price could rise and test the $65,000 resistance.
Another decline in BTC?
If bitcoin fails to rise above the $61,500 resistance zone, it could start a further decline. Immediate support on the downside is near the $60,000 level and the 100 hourly moving average.
The first key support is near the $59,650 level. The next support is now near the $59,150 zone. Any further losses could push the price towards the $58,500 support zone or even the $57,200 zone 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 above the 50 level.
Key Support Levels – $60,000, followed by $59,650.
Key Resistance Levels – $61,200 and $61,500.
