Bitcoin price traded to a new all-time high near USD 64,892 before correcting lower against the US dollar. BTC tested the USD 61,500 level and it is now showing some positive signs.
- Bitcoin continued to climb above the USD 63,000 and USD 64,000 resistance levels.
- The price is now trading well above the USD 62,000 level and the 100 simple hourly moving average.
- A major bullish trendline is forming with support near USD 61,850 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair is likely to start a fresh rise as long as it is above the $ 61,120 support zone.
Bitcoin price corrects gains
Bitcoin remained in a positive zone above the USD 62,000 level. BTC even extended its rise above the USD 63,000 and USD 64,000 resistance levels. It traded to a new all-time high of $ 64,892 before starting a downward correction.
There was a break below the $ 64,000 and $ 63,000 levels. The price fell below the 50% Fib retracement level from the upward move from the $ 59,700 swing low to the $ 64,892 high. In fact, there was a spike below the USD 62,000 support zone.
However, the bulls appeared near the USD 61,500 level. The good bid remained near the 61.8% Fib retracement level from the upward move from the $ 59,700 swing low to the $ 64,892 high.
Source: BTCUSD on TradingView.com
A major bullish trendline is also forming with support near USD 61,850 on the hourly chart of the BTC / USD pair. The pair is now recovering, trading well above the $ 62,000 level and the 100-hour simple moving average.
An initial resistance is near the USD 63,500 and USD 63,700 levels. The next big resistance is near the USD 64,000 level, above which the price is likely to climb to a new all-time high.
Dips Limited in BTC?
If bitcoin doesn’t move above USD 63,500 and USD 63,700, there could be another downward correction. Initial support on the downside is near the USD 62,000 level.
The main support is now forming near the USD 61,800 level and the trendline. A downside break below the trendline support could require a test of the key USD 61,120 support zone in the near term.
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now close to the 50 level.
Key Support Levels – USD 61,800, followed by USD 61,120.
Key Resistance Levels – USD 63,500, USD 63,700 and USD 64,000.