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Bitcoin price is consolidating above the USD 60,000 support. BTC looks set to see a fresh surge above the $61,200 and $61,500 levels.
- Bitcoin is consolidating above the $60,000 support zone.
- The price is trading below $61,750 and the 100 hourly Simple Moving Average.
- There was a break above a key bearish trendline with resistance at $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rise again if it breaks the $61,200 resistance zone.
Bitcoin price signals positive moves
Bitcoin price extended its decline below the USD 61,200 support. BTC broke the USD 60,500 and USD 60,200 support levels and entered a short-term bearish zone. The price even dropped below $60,000.
A low was formed at $59,850 and the price is now consolidating losses. There was a small increase above the USD 60,450 level. The price climbed above the 50% Fib retracement level of the downward move from the $62,350 swing high to the $59,850 low.
There was also a break above a key bearish trendline with resistance at $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $61,750 and the 100 hourly Simple Moving Average.
On the upside, the price could encounter resistance near the USD 61,400 level. The first major resistance is near the $61,750 level or the 76.4% Fib retracement level of the downward move from the $62,350 swing high to the $59,850 low. A clear move above the USD 61,750 resistance could push the price higher. The next major resistance could be $62,350.
A close above the resistance at $62,350 could lead to more gains. In the said case, the price might rise and test the USD 62,850 resistance level. Any further gains could send the price towards the USD 63,200 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the USD 61,750 resistance zone, it could trigger another decline. The immediate downside support is near the USD 60,450 level.
The first major support is near the $60,000 level. The next support is now near the $59,850 zone. Any further losses could send the price towards the USD 58,800 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 60,450, followed by USD 60,000.
Major resistance levels – $61,400 and $61,750.
