Bitcoin’s price has been consolidating above the $60,550 support zone, indicating a potential upward movement. However, the digital currency still faces challenges in recovering above key resistance levels such as $62,200 and $62,400. The failure to break these resistance levels could lead to another decline in Bitcoin’s price.
Looking at the technical indicators, Bitcoin is currently trading above $61,500 and the 100 hourly Simple Moving Average, showing some bullish signs. A recent break above a major bearish trend line with resistance at $61,250 on the hourly chart of the BTC/USD pair suggests a possible upward movement. However, the price is struggling to rise above the $62,400 resistance zone, indicating a potential resistance barrier.
If Bitcoin manages to recover and break above the $62,400 resistance zone, it could initiate a steady increase and test higher resistance levels such as $62,500 and $63,500. On the other hand, a failure to climb above the resistance zone could lead to another decline in Bitcoin’s price. Immediate support levels to watch out for include $61,450, $61,150, and $60,550. Further losses might send the price towards the $58,500 support zone in the near future.
The hourly MACD is currently losing pace in the bearish zone, signaling potential downside pressure. However, the hourly RSI for BTC/USD is above the 50 level, indicating some bullish momentum. Major support levels to keep an eye on are $61,150 and $60,550, while major resistance levels include $62,250 and $62,400.
Bitcoin’s price is currently consolidating above a key support zone, with the potential for an upward movement if it breaks above the $62,400 resistance. However, failure to overcome this barrier could lead to another decline in the digital currency’s price. Traders and investors should carefully monitor key support and resistance levels for possible trading opportunities.
