Bitcoin Regains Traction, Why BTC Could Struggle To Continue Higher

Bitcoin price was able to clear the $62,500 resistance against the US Dollar. BTC could correct lower if altcoins continue to gain momentum in the near term.

Bitcoin is facing resistance near the $63,500 and $64,250 levels.
The price is now trading well above $62,500 and the 100 hourly simple moving average.
There is a key bullish trend line with support near $62,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower if there is a downside break below the $62,500 support.

Bitcoin Price Gains Pace
Bitcoin price was able to clear the $62,500 and $62,650 resistance levels. BTC even managed to pump above the $63,500 resistance zone and the 100 hourly simple moving average.
The price even spiked above the $64,000 level, but there was no proper close. A high was formed near $64,327 and the price is now correcting lower. The price traded below the $64,000 and $63,500 support levels. There was a break below the 23.6% Fib retracement level of the upward wave from the $59,450 swing low to $64,327 high.
It is now finding bids near the $63,000 support zone. There is also a key bullish trend line with support near $62,500 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $63,650 level. The first major resistance is near the $63,800 level.

Source: BTCUSD on TradingView.com
The main resistance is still near the $64,000 and $64,250 levels. A clear break above $64,000 resistance may possibly call open the doors for a fresh rally. The next major resistance sits near the $65,500 level.
Fresh Dip In BTC?
If bitcoin fails to clear the $64,000 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $62,800 level. The first major support is now forming near the $62,500 level.
A break below the $62,500 support and the trend line may possibly push the price further lower. The next key support is near the $61,800 level and the 100 hourly SMA. It is also close to the 50% Fib retracement level of the upward wave from the $59,450 swing low to $64,327 high.
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 – $62,500, followed by $61,800.
Major Resistance Levels – $63,650, $64,000 and $64,250.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 27,111.26
ethereum
Ethereum (ETH) $ 1,891.81
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.42
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.515683
staked-ether
Lido Staked Ether (STETH) $ 1,891.35
cardano
Cardano (ADA) $ 0.374367
dogecoin
Dogecoin (DOGE) $ 0.072179
matic-network
Polygon (MATIC) $ 0.906639
solana
Solana (SOL) $ 21.20
litecoin
Litecoin (LTC) $ 95.00
tron
TRON (TRX) $ 0.076491
polkadot
Polkadot (DOT) $ 5.28
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000008
avalanche-2
Avalanche (AVAX) $ 14.46
dai
Dai (DAI) $ 0.999529
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,135.27
uniswap
Uniswap (UNI) $ 5.07
leo-token
LEO Token (LEO) $ 3.59
chainlink
Chainlink (LINK) $ 6.41
cosmos
Cosmos Hub (ATOM) $ 10.57
okb
OKB (OKB) $ 46.07
monero
Monero (XMR) $ 145.87
the-open-network
Toncoin (TON) $ 1.79
ethereum-classic
Ethereum Classic (ETC) $ 18.09
stellar
Stellar (XLM) $ 0.091996
bitcoin-cash
Bitcoin Cash (BCH) $ 114.55
filecoin
Filecoin (FIL) $ 4.96
internet-computer
Internet Computer (ICP) $ 4.84
true-usd
TrueUSD (TUSD) $ 1.00
lido-dao
Lido DAO (LDO) $ 2.23
aptos
Aptos (APT) $ 8.97
quant-network
Quant (QNT) $ 117.75
hedera-hashgraph
Hedera (HBAR) $ 0.051169
arbitrum
Arbitrum (ARB) $ 1.24
crypto-com-chain
Cronos (CRO) $ 0.059617
near
NEAR Protocol (NEAR) $ 1.60
vechain
VeChain (VET) $ 0.020006
the-graph
The Graph (GRT) $ 0.132794
apecoin
ApeCoin (APE) $ 3.11
algorand
Algorand (ALGO) $ 0.152071
the-sandbox
The Sandbox (SAND) $ 0.561724
paxos-standard
Pax Dollar (USDP) $ 1.00
eos
EOS (EOS) $ 0.906660
edgecoin-2
Edgecoin (EDGT) $ 1.00
frax
Frax (FRAX) $ 0.999526
elrond-erd-2
MultiversX (EGLD) $ 37.62
rocket-pool
Rocket Pool (RPL) $ 49.26