Categories: Bitcoin Latest News

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.

[#item_full_content]NewsBTCRead More

Recent Posts

Is The Bitcoin Bull Run Over? Fed Chair Powell Just Killed QE Hopes

In his testimony on Tuesday, Federal Reserve Chair Jerome Powell dampened hopes for another round…

1 hour ago

Bitcoin Banks: We Should Build Them Ourselves

Bitcoin banks are going to happen. We already have a few of them. We’re going…

3 hours ago

Did A Massive Bitcoin And Ethereum Sell-Off By Binance Trigger The Market Crash? Crypto Exchange Responds

There have been recent concerns within the crypto community regarding Binance’s recent activities after a…

4 hours ago

Bitcoin In The Spotlight As World Liberty Financial Debuts Strategic Reserve

By launching its Macro Strategic Reserve, World Liberty Financial (WLFI) has advanced significantly and strengthened…

5 hours ago

Bitcoin Finds Price Stability: Reclaiming $101,000 Depends On This Level

Bitcoin (BTC) continues to move within its one-week range after recovering from its recent drop…

6 hours ago

US to Release Jailed BTC-e Operator Vinnik in Russia Prisoner Swap

Alexander Vinnik, the jailed former operator of once mighty bitcoin exchange BTC-e, is being released…

7 hours ago