Bitcoin seems to be facing resistance near $62,500. BTC started a downside correction below $63,500 and is now recouping its losses. According to technical analysis by NewsBTC’s Aayush Jindal, BTC needs to surpass the $62,500 level for it to rise in the short term:
- Bitcoin is facing resistance near the $62,500 and $63,000 levels.
- Price is currently trading above $62,000 and the 100 hourly simple moving average.
- There is a key bearish trend line forming with resistance near $62.250 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could start a fresh rally if there is a clear break above $62.500.
Bitcoin Faces Resistance
Bitcoin started a correction and tested the $60,600 zone. A bottom was formed near $60,644 and the price is now correcting losses. There was a break above the $61,500 resistance zone and BTC is 23% of the drop from $64,325 to $60,644. Breaks the 6 Fib retracement level. It is now trading above $62,000 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $62.250 level. There is also a key bearish trend line forming with resistance near $62.250 on the hourly chart of the BTC/USD pair. The first major resistance is near the $62,500 level. That’s 76% of the drop from $64,325 to $60,644. Close to the 4 Fib retracement level.
62. 500 Level Matters
He thinks a clear break above the $62,500 resistance could open the doors for a fresh rally. The next major resistance is near the $63,500 level. More gains could lead the price towards the $64,000 level.
Will Bitcoin Drop?
Jindal says that if Bitcoin fails to break past the $62,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $62,000 level. The first major support is currently formed near the $61,500 level. A clear close below the $61,500 support could open the doors for a move towards the $60,500 level. Breakout support is near $60,000, below which the price could accelerate losses.
What Do Technical Indicators Say?
- Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
- Main Support Levels – 61.500 then $60.500
- Main Resistance Levels – $62.250, $62.500 and $63.500
