Bitcoin Attempts Fresh Increase, Why BTC Could Struggle Near $62K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price started a fresh increase above $60,000 against the US Dollar. BTC is rising and it could attempt an upside break above the $62,000 resistance.

Bitcoin managed to pump above the $60,000 and $61,000 levels.
The price is now trading above $61,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $61,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must settle above $62,000 to start a major increase in the near term.

Bitcoin Price Starts Fresh Increase

Bitcoin price found support near $58,140 and started a fresh increase. BTC was able to break the $60,000 and $60,500 resistance levels to move into a positive zone.

The price even settled above the $60,500 level and the 100 hourly simple moving average. There was also a break above the 50% Fib retracement level of the key decline from the $63,700 swing high to $58,140 low. It is now facing resistance near the $61,650 and $61,800 levels.

There is also a major bearish trend line forming with resistance near $61,650 on the hourly chart of the BTC/USD pair. Bitcoin is also facing barrier near the $62,000 level.

Source: BTCUSD on TradingView.com

It is near the 61.8% Fib retracement level of the key decline from the $63,700 swing high to $58,140 low. A clear break above the trend line resistance and then $62,000 may possibly call open the doors for a move towards the $63,000 level. The next major resistance sits near the $64,000 level.

Fresh Decline In BTC?

If bitcoin fails to clear the $62,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $61,000 level. The first major support is now forming near the $60,500 level.

A break below the $60,500 support may possibly put a lot of pressure on the bulls in the near term. The next key support is near the $60,000 level, below which there is a risk of a larger decline. In the stated case, the price might slide towards the $58,500 level.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $60,500, followed by $60,000.

Major Resistance Levels – $61,650, $62,000 and $63,200.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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