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Bitcoin price is consolidating above the USD 60,000 support. BTC could aim for another surge unless there is a close below the $60,000 support.
- Bitcoin is consolidating above the $60,000 support zone.
- The price is trading below $61,500 and the 100 hourly Simple Moving Average.
- There is a major bearish trendline with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start to rise again if it remains above the $60,000 support zone.
Bitcoin Price Begins Consolidation
Bitcoin price extended its decline after the USD 62,350 resistance. BTC broke through the USD 62,000 and USD 61,500 support levels and entered a short-term bearish zone. The price even dropped below $60,500.
A low was formed at $60,000 and the price is now consolidating losses. There was a small increase above the USD 60,500 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low.
Bitcoin is now trading below $61,500 and the 100 hourly Simple Moving Average. If there is a fresh rise, the price could face resistance near the $61,250 level. The first major resistance is near the $61,500 level. There is also a major bearish trendline with resistance at $61,550 on the hourly chart of the BTC/USD pair.
The trendline is close to the 61.8% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low. A clear move above the USD 61,500 resistance could push the price higher. The next major resistance could be at USD 62,500.
A close above the $62,500 resistance could provide more upside. In the said case, the price could rise and test the USD 63,200 resistance level. Any further gains could send the price towards the USD 65,000 resistance level.
Lose more in BTC?
If Bitcoin fails to rise above the $61,500 resistance zone, the price may continue to decline. The immediate downside support is near the USD 60,500 level.
The first major support is near the $60,000 level. The next support is now near the $59,200 zone. Any further losses could send the price towards the USD 58,500 support in the short 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 – USD 60,500, followed by USD 60,000.
Major resistance levels – $61,500 and $62,500.
