Bitcoin continues its zigzag price movement. BTC recently found support around $60,600 and began to recover. However, it may need to surpass the $63,200 resistance area to gain upward momentum. Let’s look at the key levels to watch in Bitcoin.
Bitcoin Finds Support at the $60,600 Level
According to recent data, Bitcoin found support near the $60,600 region and a recovery wave was observed from this level. The price is currently trading at around $62,800.
Bitcoin’s price extended its losses particularly when it fell below the $62,000 and $61,200 levels. However, bulls reappeared near the $60,600 region recently, initiating this corrective wave. A movement above the resistance levels of $61,200 and $62,000 was observed.
In the coming period, Bitcoin is expected to continue trading around $63,000. The immediate resistance level is $63,000, while larger resistance levels are $63,200 and $64,000.
The next key resistance level is indicated at $64,350. If the price clearly breaks above this level, it could gain momentum towards higher price levels. However, the main resistance level is still shown as $65,500. If a close above this resistance level occurs, it is likely that the Bitcoin price will continue to rise. In this scenario, the price could rise up to $67,500.
If BTC Shows Downward Movement
If Bitcoin cannot rise above the $63,200 resistance area, there are several important points to consider in an emergency. Currently, an immediate support level for the BTC/USD pair is set around $62,400.
However, if a sustained decline occurs below this level, the price is likely to retract towards the $61,200 level. At this point, the first major support appears at $62,000. If a close below this level occurs, it is possible that the price may soon head towards the $60,600 support region.
Some indicators should also be considered in technical analysis. For example, the hourly MACD indicator is currently gaining momentum in the bullish zone. This suggests that there could be a short-term recovery in the price. Similarly, the hourly RSI (Relative Strength Index) is also above the 50 level for the BTC/USD pair, implying that the price might show some resistance.
