Bitcoin

Key Support Maintained Amid Market Uncertainty

1 Mins read

Bitcoin price is holding the key support at $60,000. BTC could start another increase and rise toward the range resistance at $63,500.

  • Bitcoin is still trading in a range between $60,000 and $63,500.
  • The price is trading above $61,500 and the 100 hourly Simple moving average.
  • There was a break above a connecting bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain bullish momentum if it clears $62,200 and $62,500.

Bitcoin Price Remains Steady

Bitcoin price started another decline from the $63,500 resistance zone. BTC traded below the $62,500 and $62,200 support levels. A low was formed at $61,000 and the price started a recovery wave.

There was a move above the $61,250 and $61,500 levels. Besides, there was a break above a connecting bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair. There was a move above the 23.6% Fib retracement level of the recent decline from the $63,400 swing high to the $61,000 low.

Bitcoin is still trading above $61,500 and the 100 hourly Simple moving average. Immediate resistance is near the $62,200 level or the 50% Fib retracement level of the recent decline from the $63,400 swing high to the $61,000 low.

Bitcoin Price
Source: BTCUSD on TradingView.com

The first major resistance could be $62,500. The next key resistance could be $63,000. A clear move above the $63,000 resistance might send the price higher. The main resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000.

Another Drop In BTC?

If Bitcoin fails to climb above the $62,500 resistance zone, it could start another decline. Immediate support on the downside is near the $61,550 level and the 100 hourly Simple moving average.

The first major support is $61,000. If there is a close below $61,000, the price could start to drop toward $60,400. Any more losses might send the price toward the $60,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $61,550, followed by $61,000.

Major Resistance Levels – $62,200, $62,500, and $63,500.


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