Bitcoin Price Fights Back—Is The Worst Finally Over?

Bitcoin price started a recovery wave above the $62,000 zone. BTC is consolidating and might aim for more gains if it clears the $64,500 resistance zone.

• Bitcoin managed to form a base above $60,000 and started a recovery wave.
• The price is trading above $62,500 and the 100 hourly simple moving average.
• There was a break above a bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might gain bullish momentum if it settles above the $64,500 zone.

Bitcoin Price Eyes Fresh Gains

Bitcoin price remained supported above the $60,000 zone. BTC formed a base and settled above $61,200 to start a recovery wave. There was a move above the $62,000 and $62,200 levels.

Besides, there was a break above a bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair. The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $74,100 swing high to the $59,107 low.

However, the bears are active near $64,000. Bitcoin is now trading above $62,500 and the 100 hourly simple moving average. If the price remains stable above $62,000, it could attempt a fresh increase. Immediate resistance is near the $64,500 level.

The first key resistance is near the $65,000 level. A close above the $65,000 resistance might send the price further higher. In the stated case, the price could rise and test the $66,500 resistance or the 50% Fib retracement level of the downward move from the $74,100 swing high to the $59,107 low. Any more gains might send the price toward the $68,500 level. The next barrier for the bulls could be $70,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $64,500 resistance zone, it could start another decline. Immediate support is near the $62,800 level.

The first major support is near the $62,500 level. The next support is now near the $62,000 zone. Any more losses might send the price toward the $61,500 support in the near term. The main support now sits at $61,200, below which BTC might struggle to recover 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 – $62,500, followed by $62,000.

Major Resistance Levels – $64,500 and $66,500.