Bitcoin Price Pauses, Eyeing a Fresh Increase: Can Bulls Deliver?
Bitcoin price corrected gains and tested the $61,850 zone. BTC is consolidating and might aim for a fresh increase above the $62,500 resistance.
- Bitcoin is holding gains above the $61,850 zone.
- The price is trading below $62,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase unless there is a close below the $61,700 zone.
Bitcoin Price Eyes Another Increase
Bitcoin price failed to settle above $65,000 and started a fresh decline . BTC traded below the $64,000 and $63,500 levels. It even broke the $62,500 support.
A low was formed at $61,825 and the price is now consolidating losses. There was a minor increase above the $62,250 level. The price tested the 23.6% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low.
Bitcoin price is now trading below $62,500 and the 100 hourly Simple moving average . On the upside, the price could face resistance near the $62,500 level. There is also a connecting bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $63,150 level or the 50% Fib retracement level of the recent decline from the $64,419 swing high to the $61,825 low. A clear move above the $63,150 resistance might send the price higher. The next key resistance could be $64,200.
Source: BTCUSD on TradingView.comA close above the $64,200 resistance might initiate more gains. In the stated case, the price could rise and test the $65,000 resistance level. Any more gains might send the price toward the $65,500 resistance level.
More Losses In BTC?
If Bitcoin fails to rise above the $62,500 resistance zone, it could start another decline. Immediate support on the downside is near the $62,000 level.
The first major support is near the $61,850 level. The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $62,000, followed by $61,850.
Major Resistance Levels – $62,500, and $63,150.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
XRP Price Prediction For November 26
UK Urged to Consider Bitcoin Reserve as Trump Leads Crypto Revolution
AILayer Collaborates with Taker Protocol to Transform the Bitcoin Ecosystem
Sui taps Bitcoin’s $1.8 trillion market with liquid staking integration