Bitcoin Price Fights Back—Is The Worst Finally Over?

Bitcoin price started a recovery wave above the 62,000 zone. BTC is consolidating and might aim for more gains if it clears the 64,500 resistance zone. Bitcoin managed to form a base above 60,000 and started a recovery wave. The price is trading above 62,500 and the 100 hourly simple moving average. There was a break above a bearish trend line with resistance at 61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might gain bullish momentum if it settles above the 64,500 zone. Bitcoin Price Eyes Fresh Gains Bitcoin price remained supported above the 60,000 zone. BTC formed a base and settled above 61,200 to start a recovery wave. There was a move above the 62,000 and 62,200 levels. Besides, there was a break above a bearish trend line with resistance at 61,500 on the hourly chart of the BTC/USD pair. The bulls were able to push the price above the 23.6 Fib retracement level of the downward move from the 74,100 swing high to the 59,107 low. However, the bears are active near 64,000. Bitcoin is now trading above 62,500 and the 100 hourly simple moving average. If the price remains stable above 62,000, it could attempt a fresh increase. Immediate resistance is near the 64,500 level. The first key resistance is near the 65,000 level. A close above the 65,000 resistance might send the price further higher. In the stated case, the price could rise and test the 66,500 resistance or the 50 Fib retracement level of the downward move from the 74,100 swing high to the 59,107 low. Any more gains might send the price toward the 68,500 level. The next barrier for the bulls could be 70,000. Another Decline In BTC? If Bitcoin fails to rise above the 64,500 resistance zone, it could start another decline. Immediate support is near the 62,800 level. The first major support is near the 62,500 level. The next support is now near the 62,000 zone. Any more losses might send the price toward the 61,500 support in the near term. The main support now sits at 61,200, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – 62,500, followed by 62,000. Major Resistance Levels – 64,500 and 66,500.