Bitcoin price failed to continue higher above the $63,650 resistance zone. BTC is now correcting gains and might revisit the $60,850 support.
- Bitcoin started a downside correction from the $63,650 resistance zone.
- The price is trading below $62,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might struggle to start a fresh increase above the $62,250 resistance zone.
Bitcoin Price Dips Again
Bitcoin price struggled to extend gains above the $63,650 and $63,800 resistance levels. A high was formed at $63,798 and the price started a downside correction.
The price declined below the $63,000 level. The bears were able to push it below the $62,500 level and the 100 hourly Simple moving average. There was also a move below the 50% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high.Bitcoin price is now trading below $62,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.
The bulls are now trying to protect the $61,400 zone and the 61.8% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high. If there is another increase, the price could face resistance near the $61,850 level and the trend line. The first key resistance is near the $62,250 level. The next key resistance could be $62,500. A clear move above the $62,500 resistance might start a steady increase and send the price higher.