Bitcoin price is consolidating above the $60,550 support zone. BTC can avoid further declines if it manages to overcome the resistance at $62,400.

• Bitcoin is still struggling to recover above the $62,200 and $62,400 levels.
• The price is holding above $61,500 and the 100-hour straightforward moving average.
• On the hourly chart of the BTC/USD pair, there was a breakout above the main bearish trend line with resistance at $61,250 (powered by data from Kraken).
• The pair could begin another decline unless there is a close above the $62,400 resistance zone.

Bitcoin price faces headwinds

Bitcoin price struggled to break above the $62,400 resistance zone. BTC once again fell below $62,000, but bulls managed to defend the $60,550 support. The latest high was formed at $62,297, and the price is currently consolidating.

The major bearish trendline with resistance at $61,250 on the BTC/USD hourly chart recently broke. It is trading above the 50% Fibonacci retracement level of the uptrend from the $60,580 swing low to the $62,297 high.

Bitcoin price is currently above $61,500 and the 100-hour straightforward moving average. If another rally occurs, the price could face resistance near the $62,250 level. The first key resistance is near the $62,400 level.

The next key resistance could be $62,500. A clear move above the resistance at $62,500 could spark a sustained rally and push the price higher. In the given case, the price may rise and test the resistance at $63,500. Any further gains could push BTC towards the resistance at $64,400 in the near future.

Another BTC drop?

If Bitcoin fails to break above the $62,400 resistance zone, it could begin another decline. Immediate support on the downside is found near the $61,450 level and the 100-hour straightforward moving average.

The first major support is at $61,150 and the 61.8% Fib retracement level of the upside from the $60,580 low to $62,297 high. The next support is currently near $60,550. Any further losses could send the price towards the $58,500 support zone in the near future.

Technical indicators:

Hourly MACD – MACD is currently losing momentum in the bearish zone.

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

Major support levels – $61,150, followed by $60,550.

Major resistance levels – USD 62,250 and USD 62,400.