Bitcoin price is currently consolidating after testing the $61,850 zone, with the potential for a fresh increase above the $62,500 resistance level. The price is trading below this level and the 100 hourly Simple Moving Average.
There is a bearish trend line forming with resistance at $61,450 on the hourly chart of the BTC/USD pair, suggesting potential upward resistance. A clear move above $63,150 might lead to further increases, possibly testing the $65,000 mark.
If Bitcoin fails to overcome the $62,500 resistance, it could trigger a decline. Key support levels include $62,000, $61,850, and subsequently $60,000. Technical indicators reflect a weakening bearish trend, with the MACD losing pace and RSI below 50.
