Bitcoin Price Struggles to Clear $64.4K, Faces Correction But Maintains Support Above $62.5K

Bitcoin price faced challenges in its upward momentum, struggling to sustain levels above $64400. Following this, BTC experienced some correction and is presently trading near the $62500 support zone.

Bitcoin price analysis: BTC grinds above $62,500, further uptrend likely

Bitcoin price faced challenges in its upward momentum, struggling to sustain levels above $64,400. Following this, BTC experienced some correction and is presently trading near the $62,500 support zone.

Despite the pullback, Bitcoin maintains its position above the $62,500 mark. The current price action sees BTC trading above both the $62,500 level and the 100 hourly Simple Moving Average. A notable development occurred when the price broke below a bullish trend line with support at $63,000 on the hourly chart of the BTC/USD pair according to Kraken’s data. While this suggests potential volatility, Bitcoin could see another uptrend provided it does not decisively close below the $61,650 zone.

Bitcoin price had surged past the $63,500 mark in recent movements, even surpassing the $64,200 resistance zone. However, sell-off pressure became evident just below the $64,500 threshold. The peak price reached $64,419 before a correction set in, pushing the price down past the $64,000 and $63,500 levels. This correction also caused the price to dip below the 50% Fibonacci retracement level of the upward swing from $61,723 to $64,419.

Compounding this, the price further dropped below a key support line at $63,000. Currently, Bitcoin is stabilizing above $62,500 and continues to trade above the 100 hourly Simple Moving Average. The bulls appear to be defending the 76.4% Fibonacci retracement level from the swing low of $61,723 to the recent high of $64,419.

On the resistance front, Bitcoin might encounter barriers around the $63,000 level. The immediate key resistance lies near $63,200. Successfully breaching the $63,200 resistance could propel the price higher, with the next critical resistance at $64,000. A definitive close above the $64,000 resistance might fuel further gains, potentially pushing the price to test $64,400 again. If momentum sustains, Bitcoin might continue its ascent toward the $65,500 resistance level.

Conversely, if Bitcoin fails to overcome the $63,200 resistance zone, it risks initiating another decline. Immediate support on the downside aligns near the $62,500 mark. The primary significant support level is found near $61,750, with an additional support zone around $61,200. Should these levels falter, Bitcoin might see further losses, potentially testing support closer to $60,000 in the near term.

Technical analysis of BTC/USD by TradingView shows the Hourly MACD losing pace in bearish territory, while the Hourly RSI (Relative Strength Index) has dipped below the 50 level. Major support levels to watch include $62,500 and $61,750, while significant resistance levels are identified at $63,200 and $64,000.

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