Bitcoin price failed to recover above the $62,500 resistance zone. BTC is showing bearish signs and might decline again below the $60,000 support.

• Bitcoin struggled to recover above the $62,200 and $62,500 levels.
• The price is trading below $62,000 and the 100 hourly Simple moving average.
• There is a major bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might start another decline unless there is a close above the $62,000 resistance zone.

Bitcoin Price Remains At Risk

Bitcoin price started a recovery wave above the $61,200 zone. BTC even attempted a move above the $62,000 resistance zone. However, the bears were active near the $62,500 zone.

A high was formed at $62,454 and the price is now moving lower. There was a move below the $61,500 level. The price declined below the 23.6% Fib retracement level of the upward move from the $58,448 swing low to the $62,454 high.

Bitcoin price is trading below $62,000 and the 100 hourly Simple moving average. There is also a major bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair.

The price is now stable above the 50% Fib retracement level of the upward move from the $58,448 swing low to the $62,454 high. If there is another increase, the price could face resistance near the $61,500 level. The first key resistance is near the $61,850 level and the trend line.

The next key resistance could be $62,000. A clear move above the $62,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $62,500 resistance. Any more gains might send BTC toward the $63,500 resistance in the near term.

More Losses In BTC?

If Bitcoin fails to climb above the $62,000 resistance zone, it could start another decline. Immediate support on the downside is near the $60,450 level.

The first major support is $60,000. The next support is now forming near $59,500. Any more losses might send the price toward the $58,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $60,500, followed by $60,000.

Major Resistance Levels – $62,000, and $62,500.

Amidst the recent decline in Bitcoin’s price and the general cryptocurrency market, popular cryptocurrency analyst and enthusiast Titan of Crypto has highlighted the $61,500 price level as a crucial threshold to watch for the largest cryptocurrency.

Titan of Crypto analysis examines the aforementioned level as a pivotal point for Bitcoin that could determine the coin’s next price trajectory.

$61,500, A Level To Watch For Bitcoin

Today, May 14, BTC witnessed a sharp decline to nearly $61,500, demonstrating little momentum for a price recovery. While many would see this as a worrying development, Titan of Crypto considers it a noteworthy development. He sees this level as significant and is one to watch out for for Bitcoin.

The crypto expert further warns of an impending volatility in the market around Federal Reserve Chair Jerome Powell‘s speech later today. Thus, Titan of Crypto has urged the community to remember that it’s better to hold off on making decisions until after the BTC daily candle closes and until the next one confirms the previous one.

The post read:

Bitcoin $61,500 is the level to watch. Expect volatility in the markets around today’s Powell speech. In any case, remember it’s wiser to wait for the BTC daily candle close and confirmation with the following one before jumping to a conclusion.

Although the expert anticipates volatility for Bitcoin, he is confident that the crypto asset’s bull run is far from over, suggesting a movement on the upside is still possible. 

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According to Titan of Crypto, Bitcoin’s Risk-Adjusted Return Oscillator (RAR) indicator has recently moved into the overbought area. However, the analyst asserts that this does not call for alarm, given that Bitcoin took over eight months to peak following the development based on previous bull cycles.

Looking at Bitcoin’s price action from the daily timeframe, the expert confirms that the digital asset is “looking good.” As a result, BTC is following the bullish target to unprecedented heights, specifically around $112,185. “This game is a zero-sum game where impatient people give their money to the patient,” he added.

Possible Retracement To $62,000

While Titan of Crypto anticipates a rally, Ali Martinez, another crypto, has predicted an early price retracement. The expert has highlighted the possibility for BTC to decline to $62,000 in the short term.

According to the analyst, the 4-hour chart’s 200 Exponential Moving Average (EMA) appears to be rejecting Bitcoin, whereas the TD Sequential indicator suggests a sell signal. Should the development be confirmed, Martinez expects BTC to drop to $62,000. 

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However, for BTC to witness an upward movement, it needs to maintain a 4-hour candlestick close above the $64,000 threshold. Thus, with the coin trading below the $62,000 level, Martinez’s prediction appears to have already manifested.

At the time of writing, the coin was trading at $61,512, indicating about 1.98% in the past day. Its trading volume was up by 9.67%, while its market cap was down by 2.65% in the last 24 hours.

Featured image from iStock, chart from Tradingview.com