Bitcoin Price Is Showing Early Signs of Recovery But 100 SMA Is The Key

Bitcoin price found support near the $60,600 zone. BTC is recovering but the bears might remain active near the $63,200 resistance zone.

• Bitcoin tested the $60,60 support zone and started a recovery wave.
• The price is trading near $63,000 and the 100 hourly Simple moving average.
• There was a break above a key bearish trend line with resistance at $62,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if there is a close above $63,200 and the 100 hourly Simple moving average.

Bitcoin price extended losses below the $62,000 and $61,200 levels. Finally, the bulls appeared near the $60,600 zone. A low was formed at $60,650 and the price is now correcting losses.

There was a move above the $61,200 and $62,000 resistance levels. The price cleared the 23.6% Fib retracement level of the recent drop from the $65,500 swing high to the $60,650 low. Besides, there was a break above a key bearish trend line with resistance at $62,000 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading near $63,000 and the 100 hourly Simple moving average. Immediate resistance is near the $63,000 level. The first major resistance could be $63,200 or the 50% Fib retracement level of the recent drop from the $65,500 swing high to the $60,650 low or the 100 hourly Simple moving average.

Source: BTCUSD on TradingView.com

The next key resistance could be $64,350. A clear move above the $64,350 resistance might send the price higher. The main resistance now sits at $65,500. If there is a close above the $65,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $67,500.

If Bitcoin fails to climb above the $63,200 resistance zone, it could start another decline. Immediate support on the downside is near the $62,400 level.

The first major support is $62,000. If there is a close below $62,000, the price could start to drop toward $61,200. Any more losses might send the price toward the $60,600 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

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

Major Support Levels – $62,000, followed by $60,600.

Major Resistance Levels – $63,000, $63,200, and $64,350.