Bitcoin price has recently shown signs of recovery, breaking above the $60,000 resistance zone. However, the cryptocurrency is facing hurdles in clearing the $61,200 and $61,500 resistance levels. This indicates a crucial point in the market as investors are closely monitoring if BTC will be able to surpass these barriers.
Technical Indicators
The hourly MACD for Bitcoin is showing a loss of momentum in the bullish zone. On the other hand, the hourly RSI (Relative Strength Index) for BTC/USD is above the 50 level. These technical indicators suggest a mix of signals, adding to the uncertainty surrounding Bitcoin’s price movement.
The immediate resistance levels for Bitcoin are at $61,200 and $61,500. A clear breakthrough above these levels could potentially propel the price higher towards $62,500 and even $63,500. In the event of a successful breach above $63,500, Bitcoin could target the $65,000 resistance.
On the downside, if Bitcoin fails to overcome the $61,500 resistance zone, it may face another round of decline. The immediate support levels are at $60,000 and the 100 hourly Simple moving average. Further support can be found at $59,650 and $59,150. Continued losses could push the price towards the $58,500 support zone or potentially even $57,200 in the near term.
The current price action of Bitcoin is at a critical juncture, with key resistance and support levels in focus. Traders and investors are awaiting a decisive move from BTC to gauge the direction of the market. The technical indicators are sending mixed signals, adding to the uncertainty surrounding Bitcoin’s price movement. As the cryptocurrency market remains volatile, it is essential for market participants to monitor developments closely and adapt their strategies accordingly.
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