Bitcoin price corrected lower and tested $59,500 against the US Dollar. BTC is recovering losses, but upsides might be capped above $63,250 in the near term.
- Bitcoin declined below the $63,200 and $62,000 support levels.
- The price is now trading below $62,000 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a steady increase if there is a close above the 100 hourly SMA and then $63,250.
Bitcoin Price Faces Resistance
Bitcoin price traded to a new all-time high near $66,982 before starting a downside correction. BTC corrected lower below the $65,000 and $63,250 support levels.
There was also a break below the $62,000 support zone and the 100 hourly simple moving average. Finally, the price spiked below $60,000, but the bulls were active above the $59,500 level. A low is formed near $59,610 and the price is now consolidating losses.
Source:The next major resistance sits near the $63,250 level. It is near the 50% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low. Any more gains may possibly call open the doors for a move towards the $64,000 level. The next major resistance sits near the $65,000 level.