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.