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Cryptocurrency markets were once again lively last night, with Bitcoin at the forefront. Investors worldwide are focused on Bitcoin‘s recovery trend. Starting from the $60,800 region, a strong recovery wave propelled BTC to near the $68,800 resistance level, marking an approximate 10% increase. However, given the volatile nature of cryptocurrencies, the sustainability of this rise is a subject of curiosity.
Bitcoin’s Price Rises
Bitcoin was expected by the bulls to rebound around $60,800 after its recent drop below the $62,500 level. However, it dipped even below $61,200 before the momentum paused. Now, a recovery from lower levels has established a new base around $60,778, and the price has gained upward momentum again.
The price surged past immediate resistance levels at $63,000 and $64,000, indicating a strong increase. This upward movement has even surpassed the 50% Fibonacci retracement level of the drop from $68,898 to $60,778, sending a significant signal. On the hourly chart of the BTC/USD pair, there was a breakout above a crucial bearish trend line with resistance near $65,000.
Bitcoin is currently trading above the $64,500 level and is also above the 100-hour Simple Moving Average. Moreover, it is above the 76.4% Fibonacci retracement level of the decline from $68,898 to $60,778, showcasing the strength of the bulls.
Potential Hurdles in the Near Term
However, we may still encounter some hurdles for Bitcoin in the near term. Specifically, we are facing resistance around $68,000, and this level needs to be surpassed. For a real momentum to be captured, a clear break above the $68,800 resistance is necessary. In this case, we can expect the price to accelerate towards the $70,000 resistance. What’s next? The next critical resistance level is seen at $72,500.
If Bitcoin cannot climb above the $68,800 resistance area, it could once again cause concern among investors. The recent fluctuations in the cryptocurrency market are increasing worries that BTC could enter a new downtrend. So, what now?
Support Levels and Possible Scenarios
Bitcoin’s critical levels should be closely monitored. If it cannot break above $68,800, a quick retreat to $66,800 could occur. This level is seen as an urgent support point.
The first major support is at the $65,500 level. This could be an important point where BTC may halt its decline. However, if it falls below this level, the next support should be identified at $64,800. If this level is broken downwards, a downtrend towards $63,000 is expected. Further losses could push the price towards the $62,500 support area in the near term. At the time of writing, Bitcoin is trading at $66,854.
