Bitcoin is currently stabilizing above the crucial $60,000 support level as it attempts to gain momentum for a potential upward movement. The cryptocurrency has faced challenges in breaching the resistance levels at $61,200 and $61,500.
After experiencing a decline that pushed Bitcoin under the $61,200 level, the price dropped below the key support levels at $60,500 and $60,200, entering a short-term bearish phase. The lowest point was registered at $59,850, but since then, the price has shown signs of recovery, trading above $60,450. Additionally, an upward break through a significant bearish trend line, which had a resistance point at $60,850, has been noted on the hourly charts.
Despite this minor recovery, Bitcoin is still trading below $61,750 and the 100-hour simple moving average, indicating that there are barriers to further advancement. Resistance is anticipated around the $61,400 level, with a notable resistance line at $61,750, coinciding with the 76.4% Fibonacci retracement level of the downturn from $62,350 to $59,850. Successfully surpassing the $61,750 level could potentially propel Bitcoin towards the next resistance at $62,350.
In the event that Bitcoin manages to close above $62,350, it may set the stage for further gains, possibly testing the $62,850 resistance level. If the upward trend continues, prices could even approach the $63,200 level. However, if Bitcoin fails to break through the $61,750 resistance zone, it may face another decline. The immediate downside support persists around $60,450, with the critical support levels remaining at $60,000 and subsequently at $59,850. Continued bearish pressure may push the price down toward the $58,800 level.
Technical indicators currently show the MACD is losing momentum within the bearish zone, and the RSI has dipped below the neutral level, further complicating Bitcoin ’s short-term outlook.
