Bitcoin has shown signs of recovery after experiencing a downward trend. The price started to rise from the $57,200 zone, signaling a potential bullish movement. However, there are key resistance levels at $60,200 and $61,150 that the cryptocurrency might struggle to surpass.
The hourly MACD for Bitcoin is now gaining momentum in the bullish zone, suggesting a positive trend in the short term. Additionally, the hourly RSI (Relative Strength Index) for BTC/USD is above the 50 level, indicating a potential upward movement.
Bitcoin’s price is currently trading above $58,000 and the 100 hourly Simple Moving Average. There was a breakout above a bearish trend line with resistance at $58,350 on the hourly chart of the BTC/USD pair. This breakout could signal a shift in momentum towards the bulls.
In the near term, Bitcoin could face heavy resistance levels at $60,200 and $61,150. Failure to break above these levels may result in another decline. On the downside, immediate support is at $58,750, followed by $58,500. The next significant support level is near the $57,200 zone.
If Bitcoin manages to surpass the $61,150 resistance level, it could pave the way for further gains. The next key resistance to watch is at $62,000, with a potential target at $65,000. A clear move above these levels could trigger more bullish momentum in the cryptocurrency.
Overall, Bitcoin is showing signs of recovery and could potentially continue its upward movement in the near term. However, it will be crucial to monitor the key resistance levels at $60,200 and $61,150 for any potential reversals. Traders should also keep an eye on the support levels to assess the strength of the current trend.
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