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 Bitcoinโs 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, Bitcoinโs 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: Bitcoinโs 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 Bitcoinโs price movements. It remains to be seen whether the cryptocurrency can overcome the hurdles and embark on a sustained upward trajectory.
Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.