Bitcoin price gained pace above the $63,500 resistance. BTC tested the $64,800 zone and is currently correcting gains.
Bitcoin Price Starts PullbackBitcoin price above the $63,500 level. BTC was able to clear the $63,800 and $64,200 resistance levels to move further into a positive zone.The bulls even pushed the price above the $64,500 level. A high was formed at $64,777 and the price is now correcting gains. There was a drop below the $64,000 and $63,500 support levels. The price dipped below the 61.8% Fib retracement level of the upward move from the $62,440 swing low to the $64,777 high.Bitcoin is now trading below $63,500 and the . It is also below the 76.4% Fib retracement level of the upward move from the $62,440 swing low to the $64,777 high.If there is a fresh increase, the price could face resistance near the $63,250 level. There is also a connecting bearish trend line forming with resistance at $63,240 on the hourly chart of the BTC/USD pair. The first key resistance is near the $63,500 level. A clear move above the $63,500 resistance might send the price higher.(Click on image to enlarge)The next key resistance could be $64,200. A close above the $64,200 resistance might spark more upsides. In the stated case, the price could rise and test the $64,750 resistance. More Downsides In BTC?If Bitcoin fails to rise above the $63,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,750 level.The first major support is $62,450. The next support is now near the $62,000 zone. Any more losses might send the price toward the $61,200 support in the near term.Technical indicators:Hourly MACD – The MACD is now gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.Major Support Levels – $62,750, followed by $62,450.Major Resistance Levels – $63,500, and $64,200.More By This Author:Fed Rate Cut Spurs $1.6 Billion Bitcoin Buying Spree Among Whales, Can BTC Reach $70,000?Bitcoin Surges To $62,000 As The Market Prepares For Altcoin SeasonOver 150,000 ETH Moved To Exchanges In The Last 24 Hours: What’s Next For Ethereum?
