After Bitcoin reached a new all-time high around $67000, the price began to decline. And in just three days, the price lost almost $7000. However, the bears failed to push the Bitcoin price below $60000. The BTC/USD pair reached a low of 59612 and began a recovery. At the time of publication, the BTC/USD pair was able to rise above the levels of 61000 and 62000, and is now trading in the area of 62800.
Thanks to the rise above the resistance level of 62000, the BTC/USD pair had the opportunity to move close to the next resistance level in the area of 63250. A breakdown of this level upwards will provide the BTC/USD pair with a movement in the area of 64000. In the current situation, the main resistance for the BTC/USD pair is around 65000 dollars.
If the bears do not allow the bulls to rise above the resistance level of 63250 dollars, the BTC/USD pair risks starting a new correction. In case of a decline below the support level of 61200, the correction will intensify. Key support is still around 60000 dollars. A breakdown of this level will send the BTC/USD pair to the area of 58000.