Bitcoin price found support near the $60,600 zone. BTC is recovering but the bears might remain active near the $63,200 resistance zone.
- Bitcoin tested the $60,60 support zone and started a recovery wave.
- The price is trading near $63,000 and the 100 hourly Simple moving average.
- There was a break above a key bearish trend line with resistance at $62,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a close above $63,200 and the 100 hourly Simple moving average.
Bitcoin Price Starts Recovery
Bitcoin price extended losses below the $62,000 and $61,200 levels. Finally, the bulls appeared near the $60,600 zone. A low was formed at $60,650 and the price is now correcting losses.
There was a move above the $61,200 and $62,000 resistance levels. The price cleared the 23.6% Fib retracement level of the recent drop from the $65,500 swing high to the $60,650 low. Besides, there was a break above a key bearish trend line with resistance at $62,000 on the hourly chart of the BTC/USD pair.Bitcoin is now trading near $63,000 and the 100 hourly Simple moving average. Immediate resistance is near the $63,000 level. The first major resistance could be $63,200 or the 50% Fib retracement level of the recent drop from the $65,500 swing high to the $60,650 low or the 100 hourly Simple moving average.
