After reaching a new all-time high and then falling towards $60000, the Bitcoin price recovered slightly. At the time of publication, the BTC/USD pair is trading around 62800. The BTC/USD pair cannot rise above the resistance level of 63000 dollars.
The bulls tried to push the price above $63000 but failed to keep it. Thus, the area of $63000-63200 Â provides enough resistance for the BTC/USD pair. As a result of the decline, a downtrend line began to form on the 4-hour chart, which provides resistance to the BTC/USD pair in the area of 63500 dollars. Thus, the BTC/USD pair is receiving strong resistance above 63000. In order to continue to rise to a new all-time high, the BTC/USD pair must rise above 64000. A move above this level will allow the BTC/USD pair to rise to 65000. Next resistance awaits the pair around the level of 66500.
If the bulls fail to rise above 63000, the BTC/USD pair could test the support level of 62000. A break below this level will increase the chances of a return to the support level of 62000.
