Bitcoin Price Stuck In Key Range, What Could Spark Major Move?

Bitcoin Price Stuck In Key Range, What Could Spark Major Move?

Bitcoin price managed to stay above the $60,000 support. BTC recovered and is now facing hurdles near the $63,500 resistance zone.

• Bitcoin seems to be trading in a range between $60,000 and $63,500.
• The price is trading above $61,800 and the 100 hourly Simple moving average.
• There was a break above a major bearish trend line with resistance at $61,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could rally if it clears $63,500 or might revisit the range support at $60,000.

Bitcoin Price Trims Gains

Bitcoin price extended its decline below the $60,800 support zone. However, the bulls were active above the $60,000 support zone. A low was formed at $60,220 and the price started a recovery wave.

There was a move above the $61,000 and $61,200 levels. Besides, there was a break above a major bearish trend line with resistance at $61,400 on the hourly chart of the BTC/USD pair. The pair rallied and revisited the main hurdle at $63,500.

A high was formed at $63,400 and the price is now consolidating gains. It traded below the 23.6% Fib retracement level of the upward move from the $60,220 swing low to the $63,400 high.

Bitcoin is still trading above $62,000 and the 100 hourly Simple moving average. Immediate resistance is near the $62,800 level. The first major resistance could be $63,000. The next key resistance could be $63,500. A clear move above the $63,200 resistance might send the price higher.

Source: BTCUSD on TradingView.com

The main resistance now sits at $63,500. If there is a close above the $63,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $65,000.

Another Decline In BTC?

If Bitcoin fails to climb above the $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,200 level.

The first major support is $61,800 or the 50% Fib retracement level of the upward move from the $60,220 swing low to the $63,400 high. If there is a close below $61,800, the price could start to drop toward $61,200. Any more losses might send the price toward the $60,250 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

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

Major Support Levels – $61,800, followed by $61,200.

Major Resistance Levels – $63,200, $63,500, and $65,000.