Bitcoin Price Stuck In Key Range, What Could Spark Major Move?
Bitcoin
price
managed
to
stay
above
the
$60,000
support.
BTC
recovered
and
is
now
facing
hurdles
near
the
$63,500
resistance
zone.
-
Bitcoin
seems
to
be
trading
in
a
range
between
$60,000
and
$63,500. -
The
price
is
trading
above
$61,800
and
the
100
hourly
Simple
moving
average. -
There
was
a
break
above
a
major
bearish
trend
line
with
resistance
at
$61,400
on
the
hourly
chart
of
the
BTC/USD
pair
(data
feed
from
Kraken). -
The
pair
could
rally
if
it
clears
$63,500
or
might
revisit
the
range
support
at
$60,000.
Bitcoin
Price
Trims
Gains
Bitcoin
price
extended
its
decline
below
the
$60,800
support
zone.
However,
the
bulls
were
active
above
the
$60,000
support
zone.
A
low
was
formed
at
$60,220
and
the
price
started
a
recovery
wave.
There
was
a
move
above
the
$61,000
and
$61,200
levels.
Besides,
there
was
a
break
above
a
major
bearish
trend
line
with
resistance
at
$61,400
on
the
hourly
chart
of
the
BTC/USD
pair.
The
pair
rallied
and
revisited
the
main
hurdle
at
$63,500.
A
high
was
formed
at
$63,400
and
the
price
is
now
consolidating
gains.
It
traded
below
the
23.6%
Fib
retracement
level
of
the
upward
move
from
the
$60,220
swing
low
to
the
$63,400
high.
Bitcoin
is
still
trading
above
$62,000
and
the
100
hourly
Simple
moving
average.
Immediate
resistance
is
near
the
$62,800
level.
The
first
major
resistance
could
be
$63,000.
The
next
key
resistance
could
be
$63,500.
A
clear
move
above
the
$63,200
resistance
might
send
the
price
higher.
Source:
BTCUSD
on
TradingView.com
The
main
resistance
now
sits
at
$63,500.
If
there
is
a
close
above
the
$63,500
resistance
zone,
the
price
could
continue
to
move
up.
In
the
stated
case,
the
price
could
rise
toward
$65,000.
Another
Decline
In
BTC?
If
Bitcoin
fails
to
climb
above
the
$63,200
resistance
zone,
it
could
start
another
decline.
Immediate
support
on
the
downside
is
near
the
$62,200
level.
The
first
major
support
is
$61,800
or
the
50%
Fib
retracement
level
of
the
upward
move
from
the
$60,220
swing
low
to
the
$63,400
high.
If
there
is
a
close
below
$61,800,
the
price
could
start
to
drop
toward
$61,200.
Any
more
losses
might
send
the
price
toward
the
$60,250
support
zone
in
the
near
term.
Technical
indicators:
Hourly
MACD
–
The
MACD
is
now
losing
pace
in
the
bullish
zone.
Hourly
RSI
(Relative
Strength
Index)
–
The
RSI
for
BTC/USD
is
now
near
the
50
level.
Major
Support
Levels
–
$61,800,
followed
by
$61,200.
Major
Resistance
Levels
–
$63,200,
$63,500,
and
$65,000.
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