Bitcoin Price Faces Hurdle, Why 100 SMA Is The Key

Bitcoin price corrected lower and tested $59,500 against the US Dollar. BTC is recovering losses, but upsides might be capped above $63,250 in the near term.

Bitcoin declined below the $63,200 and $62,000 support levels.
The price is now trading below $62,000 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a steady increase if there is a close above the 100 hourly SMA and then $63,250.

Bitcoin Price Faces Resistance
Bitcoin price traded to a new all-time high near $66,982 before starting a downside correction. BTC corrected lower below the $65,000 and $63,250 support levels.
There was also a break below the $62,000 support zone and the 100 hourly simple moving average. Finally, the price spiked below $60,000, but the bulls were active above the $59,500 level. A low is formed near $59,610 and the price is now consolidating losses.
There was a recovery wave above the $60,500 and $61,000 levels. Bitcoin surpassed the 23.6% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low.
There was also a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair. The pair is now facing resistance near the $62,000 level and the 100 hourly SMA. A clear break above the $62,000 resistance could open the doors for a fresh increase.

Source: BTCUSD on TradingView.com
The next major resistance sits near the $63,250 level. It is near the 50% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low.
Any more gains may possibly call open the doors for a move towards the $64,000 level. The next major resistance sits near the $65,000 level.
More Losses In BTC?
If bitcoin fails to clear the $63,250 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $61,200 level.
The first major support is now forming near the $60,000 level. A break below the $60,000 support may possibly push the price towards the $58,000 support zone.
Technical indicators:
Hourly MACD – The MACD is slowly 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 – $61,200, followed by $60,000.
Major Resistance Levels – $62,000, $62,500 and $63,250.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 16,981.88
ethereum
Ethereum (ETH) $ 1,273.70
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 290.82
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.392082
dogecoin
Dogecoin (DOGE) $ 0.099492
cardano
Cardano (ADA) $ 0.324560
matic-network
Polygon (MATIC) $ 0.921647
polkadot
Polkadot (DOT) $ 5.58
staked-ether
Lido Staked Ether (STETH) $ 1,258.59
okb
OKB (OKB) $ 22.08
litecoin
Litecoin (LTC) $ 76.62
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.054075
solana
Solana (SOL) $ 13.58
uniswap
Uniswap (UNI) $ 6.27
avalanche-2
Avalanche (AVAX) $ 13.48
leo-token
LEO Token (LEO) $ 3.98
chainlink
Chainlink (LINK) $ 7.44
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,959.01
cosmos
Cosmos Hub (ATOM) $ 10.22
ethereum-classic
Ethereum Classic (ETC) $ 19.58
monero
Monero (XMR) $ 145.88
the-open-network
The Open Network (TON) $ 1.78
stellar
Stellar (XLM) $ 0.087517
bitcoin-cash
Bitcoin Cash (BCH) $ 110.74
quant-network
Quant (QNT) $ 130.34
algorand
Algorand (ALGO) $ 0.241030
crypto-com-chain
Cronos (CRO) $ 0.064589
filecoin
Filecoin (FIL) $ 4.57
apecoin
ApeCoin (APE) $ 4.02
near
NEAR Protocol (NEAR) $ 1.71
vechain
VeChain (VET) $ 0.019439
hedera-hashgraph
Hedera (HBAR) $ 0.048414
internet-computer
Internet Computer (ICP) $ 4.23
flow
Flow (FLOW) $ 1.10
terra-luna
Terra Luna Classic (LUNC) $ 0.000179
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 43.32
frax
Frax (FRAX) $ 1.00
eos
EOS (EOS) $ 0.935913
trust-wallet-token
Trust Wallet (TWT) $ 2.31
tezos
Tezos (XTZ) $ 1.02
the-sandbox
The Sandbox (SAND) $ 0.595172
aave
Aave (AAVE) $ 64.18
theta-token
Theta Network (THETA) $ 0.907495
chiliz
Chiliz (CHZ) $ 0.167151
huobi-token
Huobi (HT) $ 6.79