Bitcoin price faces a hurdle, why 100 SMA is the key

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The price of Bitcoin has been corrected downward and has been tested at $ 59,500 against the US dollar. BTC is recouping its losses, but increases could be capped above $ 63,250 in the near term.

Bitcoin fell below the support levels of $ 63,200 and $ 62,000. The price is now trading below $ 62,000 and the 100 hour simple moving average. There was a break above a key downtrend line with resistance near $ 61,000 on the hourly chart of the BTC / USD pair (Kraken data feed). The pair could start a steady rise if there is a close above the 100 hour SMA and then $ 63,250. Bitcoin price faces resistance

The price of bitcoin traded at a new all-time high near $ 66,982 before starting a downward correction. BTC corrected below the support levels of $ 65,000 and $ 63,250.

There was also a break below the $ 62,000 support area and the 100 hour simple moving average. Finally, the price climbed 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.

There was a rally above the $ 60,500 and $ 61,000 levels. Bitcoin broke the 23.6% Fib retracement level of the downward movement from a high of $ 66,982 to a low of $ 59,610.

There was also a break above a key downtrend line with resistance near $ 61,000 on the hourly chart of the BTC / USD pair. The pair is now facing resistance near the $ 62,000 level and the 100 hour SMA. A clear break above the resistance of $ 62,000 could open the door for a further rise.

Source: BTCUSD on TradingView.com

The next major resistance is near the $ 63,250 level. It is near the 50% Fib retracement level of the downward movement from the high of $ 66,982 to the low of $ 59,610.

Further gains could eventually open the door for a move towards the $ 64,000 level. The next major resistance is near the $ 65,000 level.

More losses in BTC?

If bitcoin fails to break through the $ 63,250 resistance zone, it could extend its downward correction. Immediate downside support is near the $ 61,200 level.

The first major support is now forming near the $ 60,000 level. A break below the $ 60,000 support could eventually push the price towards the $ 58,000 support area.

Technical indicators:

Hourly MACD – The MACD is slowly accelerating in the bullish zone.

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

Major Support Levels – $ 61,200, followed by $ 60,000.

Major Resistance Levels – $ 62,000, $ 62,500 and $ 63,250.

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