Bitcoin (BTC) Price Consolidates Above $60,000 Support, Aims for Fresh Increase

Bitcoin price extended its decline from the $62,350 resistance. BTC broke the $62,000 and $61,500 support levels to move into a short-term bearish zone.

Bitcoin price declined further from the $62,350 resistance. BTC broke the $62,000 and $61,500 support levels to move into a short-term bearish zone. The price even dipped below $60,500.

However, buyers emerged near the $60,000 level and the price is currently consolidating losses. It recently recovered and climbed above the $60,500 level. The price even moved above the 23.6% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low.

Bitcoin is now trading below $61,500 and the 100 hourly Simple moving average. If there is a fresh increase, the price could face resistance near the $61,250 level. The first key resistance is still near the $61,500 level. There is also a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair.

The trend line is close to the 61.8% Fib retracement level of the downward move from the $62,350 swing high to the $60,000 low. A clear move above the $61,500 resistance might send the price higher. The next key resistance could be $62,500.

A close above the $62,500 resistance might spark more upsides. In the stated case, the price could rise and test the $63,200 resistance level. Any more gains might send the price toward the $65,000 resistance level.

More Losses In BTC?

If Bitcoin fails to rise above the $61,500 resistance zone, it could continue to move down. Immediate support on the downside is still near the $60,500 level.

The first major support is now forming near the $60,000 level. The next support is now near the $59,200 zone. Any more losses might send the price toward the $58,500 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 – $60,500, followed by $60,000.

Major Resistance Levels – $61,500, and $62,500.

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