TA: Bitcoin Price Faces Hurdle, Why 100 SMA Is The Key

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. The pair is now facing resistance near the $62,000 level and the 100 hourly SMA. A clear break above the $62,000 resistance could open the doors fo...