Bitcoin’s price is stalling near the $62,500 resistance against the US dollar. If there is a close below $60,000 in the next few days, BTC could fall dramatically.
- Bitcoin is now trading at resistance levels near $62,500 and $62,650.
- The price has fallen to $61,500, with the 100 hourly simple moving average approaching that level.
- The pair is now trading at $6,300 on Bitstamp after a sharp decline from $7,800. The BTC/USD pair has a major bullish trend line that supports near $60,500 on the hourly chart (Kraken data feed).
- If the pair breaks below $60,000, it may accelerate lower.
Bitcoin’s future
Another attempt to clear $62,500 and $62,650 resistance levels was made by Bitcoin. However, BTC was unable to gain momentum above $62,500. A high of $62,500 was established shortly after, and the price began another decline.
The price fell below the $62,000 support level and the 100 hourly simple moving average. There was a break below the 50% Fib retracement level of the upwards move from $59,449 to $62,500. The price even spiked below the $61,000 level.
Bids are now being discovered just above the $60,500 support level. Bitcoin recently tested the 61.8 percent Fib retracement level of the upward move from the $59,449 swing low to $62,500 high.
BTC/USD is in an upswing and has built a lot of momentum, which suggests that the pair will continue to climb. There’s even a major bullish trend line with support near $60,500 on the hourly chart. On the upside, there is resistance near the $61,200 mark and the 100 hourly SMA. The first major resistance is near the $61,500 level.
The main resistance is still located near the $62,500 and $62,650 marks. A breakthrough above $62,500 might pave the way for a push toward the $63,200 mark. Near the $64,500 mark is the next major resistance.
