Bitcoin Regains Traction, Why BTC Could Struggle To Continue Higher

Bitcoin worth was capable of clear the $62,500 resistance in opposition to the US Greenback. BTC may appropriate decrease if altcoins proceed to achieve momentum within the close to time period.

Bitcoin is dealing with resistance close to the $63,500 and $64,250 ranges.
The worth is now buying and selling nicely above $62,500 and the 100 hourly easy transferring common.
There’s a key bullish pattern line with help close to $62,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair may appropriate decrease if there’s a draw back break beneath the $62,500 help.

Bitcoin Worth Features Tempo
Bitcoin worth was capable of clear the $62,500 and $62,650 resistance ranges. BTC even managed to pump above the $63,500 resistance zone and the 100 hourly easy transferring common.
The worth even spiked above the $64,000 degree, however there was no correct shut. A excessive was fashioned close to $64,327 and the worth is now correcting decrease. The worth traded beneath the $64,000 and $63,500 help ranges. There was a break beneath the 23.6% Fib retracement degree of the upward wave from the $59,450 swing low to $64,327 excessive.
It’s now discovering bids close to the $63,000 help zone. There may be additionally a key bullish pattern line with help close to $62,500 on the hourly chart of the BTC/USD pair. On the upside, a direct resistance is close to the $63,650 degree. The primary main resistance is close to the $63,800 degree.

Supply: BTCUSD on TradingView.com
The primary resistance continues to be close to the $64,000 and $64,250 ranges. A transparent break above $64,000 resistance could probably name open the doorways for a contemporary rally. The subsequent main resistance sits close to the $65,500 degree.
Contemporary Dip In BTC?
If bitcoin fails to clear the $64,000 resistance zone, it may begin a contemporary decline. A right away help on the draw back is close to the $62,800 degree. The primary main help is now forming close to the $62,500 degree.
A break beneath the $62,500 help and the pattern line could probably push the worth additional decrease. The subsequent key help is close to the $61,800 degree and the 100 hourly SMA. It is usually near the 50% Fib retracement degree of the upward wave from the $59,450 swing low to $64,327 excessive.
Technical indicators:
Hourly MACD – The MACD is slowly shedding tempo within the bullish zone.
Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.
Main Assist Ranges – $62,500, adopted by $61,800.
Main Resistance Ranges – $63,650, $64,000 and $64,250.