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    Bitcoin Trims Gains, But Here’s How BTC Could Rise Again

    Bitcoin price traded to a new all-time high near $64,892 before correcting lower against the US Dollar. BTC tested the $61,500 level and it is now showing a few positive signs.

    Bitcoin climbed further above the $63,000 and $64,000 resistance levels.
    The price is now trading well above the $62,000 level and the 100 hourly simple moving average.
    There is a major bullish trend line forming with support near $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair is likely to start a fresh increase as long as it is above the $61,120 support zone.

    Bitcoin Price is Correcting Gains
    Bitcoin remained in a positive zone above the $62,000 level. BTC even extended its rise above the $63,000 and $64,000 resistance levels. It traded to a new all-time high at $64,892 before it started a downside correction.
    There was a break below the $64,000 and $63,000 levels. The price declined below the 50% Fib retracement level of the upward move from the $59,700 swing low to $64,892 high. There was even a spike below the $62,000 support zone.
    However, the bulls appeared near the $61,500 level. It remained well bid near the 61.8% Fib retracement level of the upward move from the $59,700 swing low to $64,892 high.

    Source: BTCUSD on TradingView.com
    There is also a major bullish trend line forming with support near $61,850 on the hourly chart of the BTC/USD pair. The pair is now recovering, and trading well above the $62,000 level and the 100 hourly simple moving average.
    An initial resistance is near the $63,500 and $63,700 levels. The next major resistance is near the $64,000 level, above which the price is likely to climb to a new all-time high.
    Dips Limited in BTC?
    If bitcoin fails to climb above $63,500 and $63,700, there could be another downside correction. An initial support on the downside is near the $62,000 level.
    The main support is now forming near the $61,800 level and the trend line. A downside break below the trend line support might call for a test of the key $61,120 support zone in the near term.
    Technical indicators:
    Hourly MACD – The MACD is now losing momentum in the bullish zone.
    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level.
    Major Support Levels – $61,800, followed by $61,120.
    Major Resistance Levels – $63,500, $63,700 and $64,000.

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