Bitcoin price is consolidating above the $60,000 support. BTC could aim for a fresh increase unless there is a close below the $60,000 support.
- Bitcoin is consolidating above the $60,000 support zone.
- The price is trading below $61,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase if it stays above the $60,000 support zone.
Bitcoin Price Starts Consolidation
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. The price even dipped below $60,500.
A low was formed at $60,000 and the price is now consolidating losses. There was a minor increase above the $60,500 level. The price climbed 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 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.