Bitcoin price has recently recovered above the $62,000 resistance zone, but must clear the $62,500 resistance zone to continue higher in the near term. The price started a recovery wave above the $61,500 and $62,000 levels, but is currently trading below $63,000 and the 100 hourly Simple moving average. A key bearish trend line is forming with resistance at $62,500 on the hourly chart of the BTC/USD pair, suggesting that the pair might struggle to rise above the $62,500 and $63,000 resistance levels.
After extending losses below the $60,000 support zone and testing the $58,500 support zone, Bitcoin price formed a low at $58,448 and is now correcting losses. The price climbed above the 50% Fib retracement level of the downward wave from the $64,460 swing high to the $58,448 low, and moved above the $62,000 pivot level. However, it is still trading below $63,000 and the 100 hourly Simple moving average, facing a rejection zone near the $62,500 resistance. The presence of a key bearish trend line with resistance at $62,500 on the hourly chart adds to the resistance.
The next key resistance for Bitcoin price could be $63,000, and a clear move above this level might start a steady increase towards the $63,500 resistance, possibly reaching $65,000 in the near term. However, failure to climb above the $62,500 resistance zone could lead to another decline. Immediate support on the downside is near $60,500, followed by major support levels at $60,000 and $59,500. Further losses may send the price towards the $58,500 support zone in the near term.
When looking at technical indicators, the hourly MACD is gaining pace in the bullish zone, while the hourly RSI for BTC/USD is now above the 50 level. Major support levels include $60,500 and $60,000, with major resistance levels set at $62,500 and $63,000. Overall, the Bitcoin price recovery above the $62,000 resistance zone is positive, but the cryptocurrency must clear the $62,500 resistance to sustain the upward momentum in the near future.
