Bitcoin Price Fails to Recover Above $62,500 Resistance ZoneBitcoin price failed to recover above the $62,500 resistance zone. BTC is showing bearish signs and might decline again below the $60,000 support. Bitcoin started a recovery wave above the $61,200 zone. BTC even attempted a move above the $62,000 resistance zone. However, the bears were active near the $62,500 zone.
A high was formed at $62,454, and the price is now moving lower. There was a move below the $61,500 level. The price declined below the 23.6% Fibonacci retracement level of the upward move from the $58,448 swing low to the $62,454 high.
Bitcoin price is trading below $62,000 and the 100-hour simple moving average. There is also a major bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.
The price is now stable above the 50% Fibonacci retracement level of the upward move from the $58,448 swing low to the $62,454 high. If there is another increase, the price could face resistance near the $61,500 level. The first key resistance is near the $61,850 level and the trend line.
The next key resistance could be $62,000. A clear move above the $62,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,500 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term.
If Bitcoin fails to climb above the $62,000 resistance zone, it could start another decline. Immediate support on the downside is near the $60,450 level.
The first major support is $60,000. The next support is now forming near $59,500. Any more losses might send the price toward the $58,500 support zone in the near term.
Short-Term Buying Recommendation
If there is a clear move above the $62,000 resistance level, with a strong breakthrough of this resistance, Bitcoin price could begin a steady increase towards the $63,500 level. In this case, consider buying at the breakthrough of $62,000 and targeting $63,500 for short-term profits. Place stop-loss orders at the $60,450 level to minimize risk.
Selling Recommendation or Avoid Buying
If Bitcoin fails to climb above the $62,000 resistance zone, it is likely to start declining towards lower support levels. The first major support could be at $60,000 and the next support at $59,500. In this case, it is recommended to sell Bitcoin if there is a move below $60,450 or avoid buying until clear positive signals appear.
