Bitcoin’s price movement has been characterized by ups and downs. Recently, it found support around the $60,600 mark and started to recover. However, in order to gain upward momentum, it will likely need to surpass the resistance area at $63,200. Let’s take a closer look at the key levels to keep an eye on in Bitcoin.
Bitcoin’s price found support near the $60,600 region, and we have witnessed a wave of recovery from this level. Currently, the price is trading at approximately $62,800.
The price of Bitcoin experienced losses, particularly when it dipped below the $62,000 and $61,200 levels. However, bulls reemerged near the $60,600 region, leading to this corrective wave. We observed a movement above the resistance levels of $61,200 and $62,000.
Looking ahead, Bitcoin is expected to continue trading around $63,000 in the near future. The immediate resistance level is set at $63,000, while larger resistance levels are seen at $63,200 and $64,000.
The next significant resistance level is identified at $64,350. If the price manages to break above this level decisively, it could gain momentum towards higher price levels. However, the main resistance level is still considered to be $65,500. A closing above this level would likely lead to a continued rise in the price of Bitcoin, potentially reaching as high as $67,500.
In the event that Bitcoin fails to surpass the $63,200 resistance area, there are a few important points to consider in case of an emergency. Currently, there is an immediate support level set around $62,400 for the BTC/USD pair.
However, if a sustained decline occurs below this level, the price is likely to retrace towards the $61,200 level. At this point, the first major support level can be found at $62,000. If the price closes below this level, it is possible that it may soon head towards the support region at $60,600.
When conducting technical analysis, it is important to take note of certain indicators. For instance, the hourly MACD indicator is currently gaining momentum in the bullish zone, suggesting the possibility of a short-term recovery in the price. Similarly, the hourly RSI (Relative Strength Index) for the BTC/USD pair is also above the 50 level, indicating potential resistance in the price movement.
Please note that the information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.
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Disclaimer: The information presented in this article is for informational purposes only and should not be considered as investment advice. The volatility of cryptocurrencies carries risks, and investors should conduct their own research.
