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 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 for a fresh increase.

The next major resistance sits near the $63,250 level. It is near the 50% Fib retracement level of the downward move from the $66,982 swing high to $59,610 low.

Any more gains may possibly call open the doors for a move towards the $64,000 level. The next major resistance sits near the $65,000 level.

If bitcoin fails to clear the $63,250 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $61,200 level.

The first major support is now forming near the $60,000 level. A break below the $60,000 support may possibly push the price towards the $58,000 support zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $61,200, followed by $60,000.

Major Resistance Levels – $62,000, $62,500 and $63,250.

326 +