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Bitcoin

Bitcoin Consolidates Losses, Why Recovery Could Fade Near $62.5K

Aayush Jindal by Aayush Jindal
2 years ago
in BTC
Reading Time: 2 mins read

Bitcoin price started an upside correction above $60,000 against the US Dollar. BTC could recover further, but the bears might remain active near $62,500.

  • Bitcoin is still trading well below the $62,000 and $62,500 resistance levels.
  • The price is now trading below $62,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could recover towards $62,500, where the bears might take a stand.

Bitcoin Price Turns Red

Bitcoin price extended decline below the $62,000 support zone. BTC even traded below the $60,000 support level and settled below the 100 hourly simple moving average.

Finally, the price traded as low as $58,630 and is now consolidating losses. There was a minor recovery wave above the $59,500 and $60,000 levels. There was a break above the 23.6% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.

On the upside, an immediate resistance is near the $60,700 level. There is also a major bearish trend line with resistance near $60,700 on the hourly chart of the BTC/USD pair.

A proper close above the $60,700 level could set the tone for a larger increase. The first major resistance is near the $62,500 level. It is close to the 50% Fib retracement level of the main drop from the $66,350 swing high to $58,630 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

If the bulls push the price towards $62,500, the bears are likely to take a stand. Any more gains could open the doors for a move towards the $63,200 level.

More Losses in BTC?

If bitcoin fails to recover above the $61,200 resistance zone, it could extend decline. An immediate support on the downside is near the $59,500 level.

The first major support is now forming near the $59,200 level. The next major support is near the $58,500 level, below which the bears might aim a more downsides. In the stated case, the price may perhaps slide towards the $55,000 support zone in the near 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 just above the 50 level.

Major Support Levels – $59,200, followed by $58,500.

Major Resistance Levels – $60,700, $61,200 and $62,500.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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