Why Bitcoin must wipe out $ 64,000 to hope for another rally

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The price of Bitcoin has started a further increase of $ 60,000 against the US dollar. BTC is back above $ 62,000, but needs to clear $ 64,000 to hope for another rally.

Bitcoin recouped its losses and managed to break through the resistance of $ 62,500. The price is now trading above $ 62,000 and the 100 hour simple moving average. A major bearish trendline is forming with resistance near $ 63,200 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 $ 64,000 resistance area. Bitcoin price sees another rally

The price of Bitcoin fell below the $ 60,000 level, but the downsides were limited. BTC traded at just $ 59,610 before starting a further rise. The price was able to break through the resistance levels of $ 61,000 and $ 61,200.

There was a rally above the $ 62,000 and $ 62,500 levels. Bitcoin even broke the 50% Fib retracement level of the downward movement from a high of $ 66,980 to a low of $ 59,610. The price is now trading above $ 62,000 and the 100 hour simple moving average.

It is currently facing resistance near the $ 63,000 and $ 63,200 levels. A major bearish trendline is also forming with resistance near $ 63,200 on the hourly chart of the BTC / USD pair.

The main resistance to the breakout is now forming near the $ 64,000 level. It is near the 61.8% Fib retracement level of the downward movement from the high of $ 66,980 to the low of $ 59,610.

Source: BTCUSD on TradingView.com

A clear break above trendline resistance and then $ 64,000 could eventually open the door for a move towards the $ 65,000 level. The next major resistance is near the $ 66,500 level.

New decline of BTC?

If bitcoin fails to break through the $ 64,000 resistance zone, it could initiate a further downward correction. Immediate downside support is near the $ 62,200 level.

First major support is now forming near the $ 61,500 level and the 100 hour SMA. A break below the $ 61,500 support could eventually push the price towards the $ 60,000 support area in the near term.

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 – $ 62,200, followed by $ 61,500.

Major Resistance Levels – $ 63,000, $ 63,200 and $ 64,000.

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