Bitcoin price is struggling to gain pace above $63,500 against the US Dollar. BTC could start a fresh rally if it clears $63,500 and $64,000 in the near term. Bitcoin is facing resistance near the $63,500 and $64,000 levels. The price is now trading above $62,500 and the 100 hourly simple moving average. There is a major contracting triangle forming with support near $62,000 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 $63,500. Bitcoin Price Consolidates Bitcoin price made another attempt to gain traction above the $63,500 and $64,250 resistance levels. However, BTC failed to settle above the $63,500 level and started a fresh downside correction. There was a sharp decline below the $62,000 support zone and the 100 hourly simple moving average. The price even spiked below $61,000. A low was formed near $60,810 and it is now correcting losses. There was a break above the $62,000 resistance zone and the 100 hourly SMA. Bitcoin surpassed the 50% Fib retracement level of the recent decline from the $64,327 swing high to $60,810 low. It is now consolidating above the $62,000 level and the 100 hourly SMA. On the upside, an immediate resistance is near the $62,800 level. The first major resistance is near the $63,000 level. There is also a major contracting triangle forming with support near $62,000 on the hourly chart of the BTC/USD pair. Source: B...
