Bitcoin price has started a up-to-date rally above the $62,000 resistance zone. BTC is currently consolidating and may seek further gains above $63,000.

• Bitcoin is trying to start a up-to-date rally above the $63,200 zone.
• The price is above $61,500 and Simple’s 100-hour moving average.
• On the hourly chart of the BTC/USD pair (fed with data from Kraken), a short-term descending channel is forming with resistance at $63,000.
• The pair may regain traction if a close occurs above the $63,200 resistance zone.

Bitcoin price maintains support

Bitcoin price formed a base and started a up-to-date rally above the $61,200 resistance. BTC overcame the resistance at $62,000 and entered the positive zone. Before the bears showed up, the price even rose to over $63,000.

The high was set at $63,445 and the price is currently consolidating its increases. There was a slight decline below the $63,000 level. There was a slight move below the 23.6% Fib retracement level, which is an upward movement from a low of $58,888 to a high of $63,445.

Bitcoin price is currently above $62,000 and the 100-hour basic moving average. On the other hand, the price may face resistance near the $63,000 level. A short-term descending channel is also forming on the hourly chart of the BTC/USD pair with resistance at $63,000.

The first key resistance is near the $63,200 level. A clear move above the resistance at $63,200 could result in a price escalate. The next key resistance could be $63,500.

A close above the resistance at $63,200 may trigger further increases. In this case, the price could move higher and test the resistance level at $64,500. Any further upside could push the price towards the $65,000 resistance level.

Another BTC drop?

If Bitcoin does not rise above the $63,200 resistance zone, it could begin another decline. Immediate downside support is located near the $62,250 level.

The first major support is near the $62,000 level. The next support is now located near the $61,150 zone or the 50% Fib retracement level in an upward move from a low of $58,888 to a high of $63,445. Any further losses could push the price towards the $60,000 support in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently losing momentum in the bullish zone.

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

Major support levels – $62,000 and then $61,150.

Major resistance levels – $63,000 and $63,500.