Bitcoin Price Recovery: Here Are Challenges On The Road to Rebound

Bitcoin worth is consolidating above the $60,550 assist zone. BTC might keep away from extra downsides if it manages to get well above the $62,400 resistance.

• Bitcoin remains to be struggling to get well above the $62,200 and $62,400 ranges.
• The value is buying and selling above $61,500 and the 100 hourly Easy transferring common.
• There was a break above a significant bearish development line with resistance at $61,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair would possibly begin one other decline except there’s a shut above the $62,400 resistance zone.

Bitcoin Value Faces Hurdles

Bitcoin worth struggled to rise above the $62,400 resistance zone. BTC once more declined beneath $62,000, however the bulls have been in a position to shield the $60,550 assist. The latest excessive was fashioned at $62,297 and the worth is now consolidating.

Not too long ago, there was a break above a significant bearish development line with resistance at $61,250 on the hourly chart of the BTC/USD pair. It’s buying and selling above the 50% Fib retracement stage of the upward transfer from the $60,580 swing low to the $62,297 excessive.

Bitcoin worth is now buying and selling above $61,500 and the 100 hourly Easy transferring common. If there’s one other improve, the worth might face resistance close to the $62,250 stage. The primary key resistance is close to the $62,400 stage.

The following key resistance might be $62,500. A transparent transfer above the $62,500 resistance would possibly begin a gradual improve and ship the worth larger. Within the acknowledged case, the worth might rise and check the $63,500 resistance. Any extra positive aspects would possibly ship BTC towards the $64,400 resistance within the close to time period.

One other Decline In BTC?

If Bitcoin fails to climb above the $62,400 resistance zone, it might begin one other decline. Speedy assist on the draw back is close to the $61,450 stage and the 100 hourly Easy transferring common.

The primary main assist is $61,150 and the 61.8% Fib retracement stage of the upward transfer from the $60,580 swing low to the $62,297 excessive. The following assist is now forming close to $60,550. Any extra losses would possibly ship the worth towards the $58,500 assist zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 stage.

Main Help Ranges – $61,150, adopted by $60,550.

Main Resistance Ranges – $62,250, and $62,400.