Bitcoin Attempts Recovery from $60,500 Support Zone
Bitcoin is currently attempting a recovery wave from the $60,500 support zone amidst recent market movements. The price is trading below $65,500 and the 100 hourly Simple moving average as it strives to gain bullish momentum. There is a key rising channel forming with resistance at $65,850 on the hourly chart of the BTC/USD pair.
Bitcoin Price Struggles with Recovery
Bitcoin price witnessed a major decline below the $70,000 level due to various factors, including escalating tensions between Israel and Iran. The sharp decline saw the price dropping below the $66,000 and $65,000 levels, leading to a more than 10% dip, testing the $60,500 support. However, a low was formed near $60,495, and now the price is trying to embark on a recovery wave.
- The price climbed above the $62,500 and $63,000 levels.
- It made a move above the 23.6% Fib retracement level.
- The price is currently trading below $67,000 and the 100 hourly Simple moving average.
Potential Hurdles for Bitcoin Recovery
While Bitcoin strives for a recovery, it is facing some hurdles along the way. Immediate resistance is noted near the $65,800 level, and there is a significant rising channel forming with resistance at $65,850 on the hourly chart of the BTC/USD pair. The upcoming challenges for Bitcoin’s price recovery include:
- First major resistance at $66,000.
- Subsequent resistance at $68,000 and the 100 hourly Simple moving average.
- Potential rise towards $70,000 if key resistance levels are breached.
Possible Decline in BTC Price
Should Bitcoin fail to surpass the $66,850 resistance zone, it may face yet another decline. Immediate support is anticipated near the $64,500 level, with further support at $63,000. In case of a significant drop, Bitcoin’s price might head towards the $62,000 level, potentially revisiting the $60,500 support zone in the near term.
- Hourly MACD is showing a loss in bullish momentum.
- Hourly RSI for BTC/USD is currently above the 50 level.
- Key support levels stand at $64,500 and $63,000, while resistance levels are at $65,850, $66,000, and $68,000.
Hot Take: Bitcoin’s Recovery Path
As Bitcoin continues its journey towards recovery, the path is fraught with challenges and uncertainties. Market fluctuations and global events play a significant role in dictating Bitcoin’s price movements. It remains to be seen whether the cryptocurrency can overcome the hurdles and embark on a sustained upward trajectory.
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