Bitcoin Price Poised for Recovery: Will the Uptrend Resume?

Bitcoin price is consolidating above the $60,000 support. BTC seems to be eyeing a fresh increase above the $61,200 and $61,500 levels.

• Bitcoin is consolidating above the $60,000 support zone.
• The price is trading below $61,750 and the 100 hourly Simple moving average.
• There was a break above a key bearish trend line with resistance at $60,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another increase if it clears the $61,200 resistance zone.

Bitcoin price extended its decline below the $61,200 support. BTC broke the $60,500 and $60,200 support levels to move into a short-term bearish zone. The price even dipped below $60,000.

A low was formed at $59,850 and the price is now consolidating losses. There was a minor increase above the $60,450 level. The price climbed above the 50% Fib retracement level of the downward move from the $62,350 swing high to the $59,850 low.

There was also a break above a key bearish trend line with resistance at $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $61,750 and the 100 hourly Simple moving average.

On the upside, the price could face resistance near the $61,400 level. The first key resistance is near the $61,750 level or the 76.4% Fib retracement level of the downward move from the $62,350 swing high to the $59,850 low. A clear move above the $61,750 resistance might send the price higher. The next key resistance could be $62,350.

A close above the $62,350 resistance might initiate more gains. In the stated case, the price could rise and test the $62,850 resistance level. Any more gains might send the price toward the $63,200 resistance level.

If Bitcoin fails to rise above the $61,750 resistance zone, it could start another decline. Immediate support on the downside is near the $60,450 level.

The first major support is near the $60,000 level. The next support is now near the $59,850 zone. Any more losses might send the price toward the $58,800 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $60,450, followed by $60,000.

Major Resistance Levels – $61,400, and $61,750.