- Bitcoin struggled to recover above the $62,200 and $62,500 levels.
- Price is trading below $62,000 and the 100 hourly simple moving average.
- A major downtrend line is forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could start a fresh decline unless there is a close above the $62,000 resistance zone.
Bitcoin Price Remains Under Threat
Bitcoin price has started a recovery wave above the $61,200 zone. BTC even attempted to break through the $62,000 resistance zone. However, the bears were active near the $62,500 zone.
A high was made at $62,454 and the price is now declining. There was a move below the $61,500 level. The price fell below the 23.6% Fibonacci retracement level of the upward move from the $58,448 low to $62,454 high.
Bitcoin price is trading below $62,000 and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.
The price is now stable above the 50% Fibonacci retracement level of the upward move from the $58,448 low to $62,454 high. If there is another increase, the price could face resistance near the $61,500 level. The first key resistance lies near the $61,850 level and the trendline.
The next key resistance could be $62,000. A clear move above the $62,000 resistance could trigger a steady increase and push the price higher. In the indicated case, the price could rise and test the $62,500 resistance. Any further gains could send BTC towards the $63,500 resistance in the near term.
More losses in BTC?
If Bitcoin fails to break through the $62,000 resistance zone, it could begin a further decline. Immediate downside support lies near the $60,450 level.
The first major support is at $60,000. The next support is now forming near $59,500. Any further losses could lead the price towards the $58,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now accelerating into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key support levels: $60,500, followed by $60,000.
Major resistance levels – $62,000 and $62,500.
