The price of bitcoin increased by almost 5% and exceeded USD 62,500. BTC is currently testing the $63,500 resistance zone, moving it towards the positive side.

• Bitcoin started a decent rally above the $62,200 and $62,400 levels.
• The price is holding above $62,500 and the 100-hour elementary moving average.
• On the hourly chart of the BTC/USD pair, there was a breakout above the main bearish trend line with resistance at $61,000 (powered by data from Kraken).
• The pair may struggle to stay above the resistance zone at $63,650.

Bitcoin price begins recovery

Bitcoin price formed a base above the $60,000 zone. BTC remained stable and was able to start a decent rally above the $61,500 resistance zone.

On the hourly chart of the BTC/USD pair, there was a breakout of the main bearish trend line with resistance at $61,000. The bulls managed to push the price above the resistance at $62,500. The price is up almost 5% and is near the resistance zone at $63,650.

Bitcoin price is trading above $62,500 and the 100-hour elementary moving average. It is stable and well above the Fibonacci retracement level of the 23.6% up move from the swing low of $59,949 to the high of $63,675.

If another rally occurs, the price could face resistance near the $63,650 level. The first key resistance is near the $64,000 level. The next key resistance could be $64,400. A clear move above the resistance at $64,400 could trigger a steady rally and push the price higher.

In the given case, the price could move higher and test the $65,500 resistance. Any further gains could push BTC towards the $66,000 resistance in the near future.

Are BTC declines constrained?

If Bitcoin fails to rise above the $63,650 resistance zone, it could begin a downward correction. Immediate downside support is located near the $62,800 level.

The first major support is $61,800 and the 50% Fibonacci retracement level of the up move from the $59,949 swing low to the $63,675 high. Next support is now forming near $61,250 and the 100-hour elementary moving average. Any further losses could push the price towards the $60,500 support zone in the near future.

Technical Indicators:

Hourly MACD – MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for the BTC/USD pair is currently above the 50 level.

Major support levels – $62,800 and then $61,800.

Major resistance levels – $63,650 and $64,400.