Bitcoin price corrected lower and tested $59,500 against the US Dollar. BTC is recovering losses, but upsides might be capped above $63,250 in the near term.Bitcoin declined below the $63,200 and $62,000 support levels.The price is now trading below $62,000 and the 100 hourly simple moving average.There was a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could start a steady increase if there is a close above the 100 hourly SMA and then $63,250.
Bitcoin Price Faces Resistance
Bitcoin price traded to a new all-time high near $66,982 before starting a downside correction. BTC corrected lower below the $65,000 and $63,250 support levels.
There was also a break below the $62,000 support zone and the 100 hourly simple moving average. Finally, the price spiked below $60,000, but the bulls were active above the $59,500 level. A low is formed near $59,610 and the price is now consolidating losses.
There was a recovery wave above the $60,500 and $61,000 levels. Bitcoin surpassed the 23.6% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low.
There was also a break above a key bearish trend line with resistance near $61,000 on the hourly chart of the BTC/USD pair.