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Bitcoin Stable, Why BTC Could Aim Fresh Rally To $65K

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Bitcoin price started a downside correction below $63,500 against the US Dollar. BTC must surpass $62,500 to start a fresh increase in the near term.

Bitcoin is facing resistance near the $62,500 and $63,000 levels.

The price is now trading above $62,000 and the 100 hourly simple moving average.

There is a key bearish trend line forming with resistance near $62,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a fresh rally if there is a clear break above $62,500.

Bitcoin price started a downside correction below the $62,500 and $62,250 levels. BTC declined below $62,000 and the 100 hourly simple moving average.
It tested the $60,600 zone. A low is formed near $60,644 and the price is now correcting higher. There was a break above the $61,500 resistance zone. Bitcoin surpassed the 23.6% Fib retracement level of the recent decline from the $64,325 swing high to $60,644 low.
It is now trading above $62,000 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $62,250 level.

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