Bitcoin Attempts Fresh Increase, Why BTC Could Struggle Near $62K

Bitcoin price started a fresh increase above $60,000 against the US Dollar. BTC is rising and it could attempt an upside break above the $62,000 resistance.

Bitcoin managed to pump above the $60,000 and $61,000 levels.
The price is now trading above $61,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $61,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must settle above $62,000 to start a major increase in the near term.

Bitcoin Price Starts Fresh Increase
Bitcoin price found support near $58,140 and started a fresh increase. BTC was able to break the $60,000 and $60,500 resistance levels to move into a positive zone.
The price even settled above the $60,500 level and the 100 hourly simple moving average. There was also a break above the 50% Fib retracement level of the key decline from the $63,700 swing high to $58,140 low. It is now facing resistance near the $61,650 and $61,800 levels.
There is also a major bearish trend line forming with resistance near $61,650 on the hourly chart of the BTC/USD pair. Bitcoin is also facing barrier near the $62,000 level.

Source: BTCUSD on TradingView.com
It is near the 61.8% Fib retracement level of the key decline from the $63,700 swing high to $58,140 low. A clear break above the trend line resistance and then $62,000 may possibly call open the doors for a move towards the $63,000 level. The next major resistance sits near the $64,000 level.
Fresh Decline In BTC?
If bitcoin fails to clear the $62,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $61,000 level. The first major support is now forming near the $60,500 level.
A break below the $60,500 support may possibly put a lot of pressure on the bulls in the near term. The next key support is near the $60,000 level, below which there is a risk of a larger decline. In the stated case, the price might slide towards the $58,500 level.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $60,500, followed by $60,000.
Major Resistance Levels – $61,650, $62,000 and $63,200.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 16,997.75
ethereum
Ethereum (ETH) $ 1,273.69
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 291.62
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.399006
dogecoin
Dogecoin (DOGE) $ 0.102723
cardano
Cardano (ADA) $ 0.316202
matic-network
Polygon (MATIC) $ 0.925536
polkadot
Polkadot (DOT) $ 5.38
staked-ether
Lido Staked Ether (STETH) $ 1,259.82
okb
OKB (OKB) $ 22.07
litecoin
Litecoin (LTC) $ 77.38
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.054548
solana
Solana (SOL) $ 13.60
uniswap
Uniswap (UNI) $ 5.91
avalanche-2
Avalanche (AVAX) $ 12.99
chainlink
Chainlink (LINK) $ 7.64
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,966.57
leo-token
LEO Token (LEO) $ 3.87
cosmos
Cosmos Hub (ATOM) $ 10.28
ethereum-classic
Ethereum Classic (ETC) $ 19.95
the-open-network
The Open Network (TON) $ 1.79
monero
Monero (XMR) $ 142.64
stellar
Stellar (XLM) $ 0.088531
bitcoin-cash
Bitcoin Cash (BCH) $ 110.82
quant-network
Quant (QNT) $ 122.88
algorand
Algorand (ALGO) $ 0.242200
crypto-com-chain
Cronos (CRO) $ 0.065221
filecoin
Filecoin (FIL) $ 4.41
near
NEAR Protocol (NEAR) $ 1.72
apecoin
ApeCoin (APE) $ 3.89
vechain
VeChain (VET) $ 0.019136
hedera-hashgraph
Hedera (HBAR) $ 0.049975
flow
Flow (FLOW) $ 1.12
internet-computer
Internet Computer (ICP) $ 4.16
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.41
frax
Frax (FRAX) $ 0.999772
eos
EOS (EOS) $ 0.934657
terra-luna
Terra Luna Classic (LUNC) $ 0.000165
chain-2
Chain (XCN) $ 0.043790
theta-token
Theta Network (THETA) $ 0.936247
the-sandbox
The Sandbox (SAND) $ 0.587677
tezos
Tezos (XTZ) $ 1.01
aave
Aave (AAVE) $ 63.75
trust-wallet-token
Trust Wallet (TWT) $ 2.15
lido-dao
Lido DAO (LDO) $ 1.11