Bitcoin Price Recovery: Here Are Challenges On The Road to Rebound

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price is consolidating above the $60,550 support zone. BTC could avoid more downsides if it manages to recover above the $62,400 resistance.

Bitcoin is still struggling to recover above the $62,200 and $62,400 levels.
The price is trading above $61,500 and the 100 hourly Simple moving average.
There was a break above a major bearish trend line with resistance at $61,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start another decline unless there is a close above the $62,400 resistance zone.

Bitcoin Price Faces Hurdles

Bitcoin price struggled to rise above the $62,400 resistance zone. BTC again declined below $62,000, but the bulls were able to protect the $60,550 support. The recent high was formed at $62,297 and the price is now consolidating.

Recently, there was a break above a major bearish trend line with resistance at $61,250 on the hourly chart of the BTC/USD pair. It is trading above the 50% Fib retracement level of the upward move from the $60,580 swing low to the $62,297 high.

Bitcoin price is now trading above $61,500 and the 100 hourly Simple moving average. If there is another increase, the price could face resistance near the $62,250 level. The first key resistance is near the $62,400 level.

The next key resistance could be $62,500. A clear move above the $62,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $63,500 resistance. Any more gains might send BTC toward the $64,400 resistance in the near term.

Another Decline In BTC?

If Bitcoin fails to climb above the $62,400 resistance zone, it could start another decline. Immediate support on the downside is near the $61,450 level and the 100 hourly Simple moving average.

The first major support is $61,150 and the 61.8% Fib retracement level of the upward move from the $60,580 swing low to the $62,297 high. The next support is now forming near $60,550. Any more losses might send the price toward the $58,500 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 above the 50 level.

Major Support Levels – $61,150, followed by $60,550.

Major Resistance Levels – $62,250, and $62,400.

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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