Bitcoin price faced resistance above the $64,400 mark and is now experiencing a correction in its gains. Currently, it is trading near the support zone of $62,500. Despite the correction, Bitcoin is holding on to its gains and is still above the $62,500 level and the 100 hourly Simple Moving Average.
On the hourly chart, there was a break below a bullish trend line with support at $63,000. However, unless the price closes below the $61,650 zone, there is a possibility of another increase in Bitcoin’s price.
Although Bitcoin extended its increase beyond the $63,500 zone and even cleared the $64,200 resistance, the bears became active below $64,500. The price reached as high as $64,419 before the correction began. The dip below the $64,000 and $63,500 levels led to a break of the 50% Fib retracement level of the upward move.
Nevertheless, the support levels at $62,500 and the 76.4% Fib retracement level are being safeguarded by bullish traders. If the price manages to surpass the $63,200 and $64,000 resistances, it could initiate more gains and possibly test the $64,400 resistance level. Further upward momentum might even lead to a challenge of the $65,500 resistance level.
On the other hand, if Bitcoin fails to rise above the $63,200 resistance zone, it may enter another decline. The first support is around the $62,500 level, followed by the $61,750 level. Any further losses may push the price towards the $61,200 zone and even the $60,000 support level in the near future.
The technical indicators suggest that the MACD is losing pace in the bearish zone, while the hourly RSI for BTC/USD is below the 50 level.
In summary, Bitcoin is currently experiencing a correction in its gains but remains above key support levels. Whether it can recover and continue its upward trajectory depends on its ability to surpass resistance levels and avoid a close below certain support zones.