Bitcoin Price Recovers After Testing Support Zone
Bitcoin recently tested the $60,600 support zone and is now showing signs of recovery. The price is currently hovering around $63,000, near the 100 hourly Simple Moving Average. A bullish momentum could be seen if there is a successful close above $63,200 and the 100 hourly SMA.
Price Action Analysis
After experiencing losses below $62,000 and $61,200, Bitcoin found support near $60,600, with a low of $60,650. The price is now in a corrective phase, breaking above the resistance levels at $61,200 and $62,000. Additionally, a key bearish trend line was breached at $62,000.
- The price surpassed the 23.6% Fibonacci retracement level of the recent drop from $65,500 to $60,650.
- Bitcoin is currently trading near $63,000 and the 100 hourly Simple Moving Average.
- Immediate resistance is seen at $63,000, with major resistance levels at $63,200 and $64,350.
Potential Upside and Downside Scenarios
If Bitcoin manages to break above $63,200, it could see further gains. The next significant resistance level is at $64,350, with the ultimate hurdle at $65,500. On the flip side, failing to surpass $63,200 could lead to a decline.
- Immediate support is around $62,400, followed by $62,000.
- A close below $62,000 might push the price towards $61,200 and possibly the $60,600 support area.
Technical Indicators and Key Levels
Technical indicators are showing:
- Hourly MACD gaining pace in the bullish zone.
- Hourly RSI for BTC/USD above the 50 level.
Key Levels to watch:
- Support: $62,000, $60,600
- Resistance: $63,000, $63,200, $64,350
Source: BTCUSD on TradingView.com
Hot Take: Stay Alert for Bitcoin’s Next Move 🚀
As Bitcoin continues its price action near key levels, traders should closely monitor the developments around $63,200 and $64,350. A break above these levels could pave the way for a bullish trend, while a failure to breach may lead to downside pressure.
By
By
