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Cryptocurrency market, especially Bitcoin‘s (BTC) volatile movements, keeps investors on their toes. Recently, Bitcoin’s price has been stable around the key support level of $60,000. However, this stability shapes future expectations, with a potential new uptrend for BTC.
Bitcoin at $61,900 Levels
BTC/USD pair is still trading between $60,000 and $63,500. Currently, the price is above $61,500 and the 100-hour Simple Moving Average. This supports short-term optimism.
Technical analysis shows a breakout above a downtrend line connected to $61,550 resistance on the four-hour chart. This indicates a potential uptrend. However, the pair needs to surpass $62,200 and $62,500 levels to gain upward momentum.
Price Recovers Despite Drops
Recently, BTC experienced a drop from the $63,500 resistance area. However, the price did not fall below the $62,500 and $62,200 support levels. The lowest level formed around $61,000, followed by a recovery wave.
This recovery wave surpassed $61,250 and $61,500 levels. At this point, breaking a downtrend line connected to resistance turned investors’ eyes to the upward potential. Immediate resistance for Bitcoin is at $62,200.
However, the first major resistance level for a real rally will be $62,500. Surpassing this level could make the next key resistance $63,000. If the price also surpasses this level, it could indicate a larger uptrend. The main target is at $63,500. If there is a close above this resistance area, Bitcoin’s price could move towards $65,000.
Watch for Resistance in BTC
Bitcoin‘s uptrend could face a new downside risk if it fails to surpass the $62,500 resistance level. Currently, the first major support for Bitcoin is at $61,000. However, if there is a close below this level, the price could drop towards $60,400. With more selling pressure, the price could move towards the $60,000 support area in the near term.
Technical indicators show the four-hour MACD (Moving Average Convergence Divergence) gaining upward momentum. However, the four-hour RSI (Relative Strength Index) is currently above the 50 level. This indicates that the price is still somewhat strong.
On the other hand, the main support levels are set at $61,550 and then $61,000. Resistance levels are set at $62,200, $62,500, and $63,500.
