Bitcoin Price Bounces Back To $64,500 But Is It Enough To Avoid Drop?

Bitcoin price found support at $61,800 and recovered higher. BTC jumped to $64,500 and is currently consolidating gains above $63,500.

• Bitcoin started another increase after it found support near the $61,800 zone.
• The price is trading above $63,500 and the 100 hourly Simple moving average.
• There was a break above a key bearish trend line with resistance at $63,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair must stay above the $63,200 support zone to continue higher in the near term.

Bitcoin Price Holds Ground

Bitcoin price started another decline below the $63,500 pivot level. BTC dropped below the $62,000 level before the bulls emerged. A low was formed at $61,774 and the price started a recovery wave.

There was a move above the $62,500 and $63,500 resistance levels. Besides, there was a break above a key bearish trend line with resistance at $63,250 on the hourly chart of the BTC/USD pair. The pair even spiked above $64,500 and tested $64,750.

A high was formed at $64,738 and the price started a downside correction. There was a move below the $64,000 level. The price tested the 50% Fib retracement level of the upward move from the $61,774 swing low to the $64,738 high.

Bitcoin is now trading above $63,500 and the 100 hourly Simple moving average. Immediate resistance is near the $64,000 level. The first major resistance could be $64,500 or $64,750. A clear move above the $64,750 resistance might send the price higher. The next resistance now sits at $65,500.

Source: BTCUSD on TradingView.com

If there is a clear move above the $65,500 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $66,200. The next major resistance is near the $68,000 zone. Any more gains might send Bitcoin toward the $70,000 resistance zone in the near term.

Another Decline In BTC?

If Bitcoin fails to rise above the $64,750 resistance zone, it could continue to move down. Immediate support on the downside is near the $63,500 level.

The first major support is $63,000. If there is a close below $63,000, the price could start to drop toward $61,750. Any more losses might send the price toward the $61,200 support zone in the near term.

Technical indicators:

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

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

Major Support Levels – $63,500, followed by $63,000.

Major Resistance Levels – $64,000, $64,500, and $65,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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