Bitcoin price started a recovery wave above the $62,000 zone. BTC is consolidating and might aim for more gains if it clears the $64,500 resistance zone.
Bitcoin managed to form a base above $60,000 and started a recovery wave.
The price is trading above $62,500 and the 100 hourly simple moving average.
There was a break above a bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might gain bullish momentum if it settles above the $64,500 zone.
Bitcoin price remained supported above the $60,000 zone. BTC formed a base and settled above $61,200 to start a recovery wave. There was a move above the $62,000 and $62,200 levels.
Besides, there was a break above a bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair. The bulls were able to push the price above the 23.6% Fib retracement level of the downward move from the $74,100 swing high to the $59,107 low.
However, the bears are active near $64,000. Bitcoin is now trading above $62,500 and the 100 hourly simple moving average. If the price remains stable above $62,000, it could attempt a fresh increase. Immediate resistance is near the $64,500 level.
The first key resistance is near the $65,000 level. A close above the $65,000 resistance might send the price further higher. In the stated case, the price could rise and test the $66,500 resistance or the 50% Fib retracement level of the downward move from the $74,100 swing high to the $59,107 low. Any more gains might send the price toward the $68,500 level. The next barrier for the bulls could be $70,000.
If Bitcoin fails to rise above the $64,500 resistance zone, it could start another decline. Immediate support is near the $62,800 level.
The first major support is near the $62,500 level. The next support is now near the $62,000 zone. Any more losses might send the price toward the $61,500 support in the near term. The main support now sits at $61,200, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $62,500, followed by $62,000.
Major Resistance Levels – $64,500 and $66,500.
[#item_full_content]NewsBTCRead MoreAfter days of steep downward movement, the price of Bitcoin appears to have found a…
Bitcoin’s bearish structure over the past few weeks has raised clear concerns about the flagship…
The firm's executive chairman posted a familiar chart with Strategy's previous BTC purchases writing "a…
Not one, but several overlapping headwinds are hitting the crypto market at once, weighing on…
Bitcoin’s return to $60,000 is drawing heavy ETF outflows, marking a sharp reversal from February…
Bitcoin closed the week of June 5, 2026 down by almost 20%, its highest single-week…
