Continuing to trade in a certain range, Bitcoin is struggling to break the $62,500 resistance. According to technical analysis by NewsBTC’s Aayush Jindal, if there is a close below $60,000, it could drop drastically:
- Bitcoin is facing resistance near the $62,500 and $62,650 levels.
- There is a major bullish trend line forming with support near $60,500 on the hourly chart of the BTC/USD pair (data from Kraken).
- 60. If there is a clear break below $000, the pair could accelerate the decline.
Bitcoin Price Stuck In Range
Bitcoin continues to struggle to clear significant resistance. BTC made another attempt to clear the $62,500 and $62,650 resistance levels. However, it failed to gain strength above $62,500. A top was formed near $62.500 and the price started a fresh decline. There was a break below the $62,000 support level and the 100 hourly simple moving average. There was a break below the 50% Fib retracement level of the upward move from the $59,449 high to $62,500 high and even settled below the $61,000 level. Bitcoin is now trying to recover. The first major resistance is near the $61,500 level.
The main resistance is still near the $62,500 and $62,650 levels. A clear break above the $62,500 resistance could likely open the doors for a move towards the $63,200 level. The next major resistance is sitting near the $64,500 level.
Will Bitcoin Drop?
According to Jindal, Bitcoin could continue its decline if it fails to surpass the $62,500 resistance zone. An immediate support on the downside is near the $60,800 level. The first major support is currently formed near the $60,500 level. A break below the $60.500 support and trendline could push the price down further. The next key support is near the $58,500 level.
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 close to the 50 level.
- Main Support Levels – $60.500 followed by $60,000
- Main Resistance Levels – $61.200, $62.000 and $62.500