Bitcoin’s price movement has been characterized by ups and downs. Recently, BTC found support at the $60,600 level and started to rebound. However, in order to gain upward momentum, it may need to overcome the resistance area at $63,200. Let’s take a closer look at the important levels to monitor in Bitcoin’s price.
BTC found support around the $60,600 region, leading to a wave of recovery. Currently, the price is trading at approximately $62,800. Initially, the price experienced losses when it dropped below $62,000 and $61,200. However, bulls emerged near the $60,600 level, initiating a corrective wave. The price then moved above the resistance levels at $61,200 and $62,000.
Looking ahead, it is anticipated that Bitcoin will continue to trade around $63,000. The immediate resistance level is set at $63,000, while larger resistance levels are observed 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, it could gain momentum and potentially reach higher price levels. However, the main resistance level remains at $65,500. A close above this level would likely result in a further increase in the Bitcoin price, potentially reaching $67,500.
On the other hand, if Bitcoin fails to surpass the resistance area at $63,200, there are important support levels to consider in case of an emergency. Currently, immediate support is established around $62,400 for the BTC/USD pair. However, if a sustained decline occurs below this level, the price may retrace towards $61,200. At this point, the first major support level is found at $62,000. If the price closes below this level, it is possible that it will soon head towards the support region at $60,600.
In terms of technical analysis, certain indicators should be taken into account. For instance, the hourly MACD indicator is currently gaining momentum in the bullish zone, suggesting a potential short-term recovery in the price. Similarly, the hourly RSI (Relative Strength Index) for the BTC/USD pair is above the 50 level, indicating that the price might encounter some resistance.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and conduct their own research.