Bitcoin Price Ready to Rebound: Will the Uptrend Restart?

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Bitcoin price is consolidating above the $60,000 support. BTC appears to be eyeing a recent rally above the $61,200 and $61,500 levels.

  • Bitcoin is consolidating above the $60,000 support zone.
  • The price is trading below $61,750 and Uncomplicated’s 100-hour moving average.
  • On the hourly chart of the BTC/USD pair, there was a break above the key bearish trend line with resistance at $60,850 (powered by data from Kraken).
  • The pair could start another rally if it clears the $61,200 resistance zone.

Bitcoin price signals positive moves

Bitcoin price extended its decline below the support at $61,200. BTC broke the $60,500 and $60,200 support levels to enter a short-term bear zone. The price even dropped below $60,000.

The lowest level was $59,850 and the price is currently consolidating losses. There was a slight enhance above the $60,450 level. The price rose above the 50% Fib retracement level in a move down from a high of $62,350 to a low of $59,850.

There was also a break above the key bearish trend line with resistance at $60,850 on the hourly chart of the BTC/USD pair. Bitcoin is currently trading below $61,750 and the Uncomplicated 100-hour moving average.

On the other hand, the price may face resistance near the $61,400 level. The first key resistance is located near the $61,750 level or the 76.4% Fib retracement level as part of a downward move from the $62,350 high to the $59,850 low. A clear move above the resistance at $61,750 could result in a price enhance. The next key resistance could be $62,350.

Source: BTCUSD on TradingView.com

A close above the resistance at $62,350 could trigger further gains. In the given case, the price could move higher and test the resistance level at $62,850. Any further gains could push the price towards the $63,200 resistance level.

Another BTC drop?

If Bitcoin fails to rise above the $61,750 resistance zone, it could begin another decline. Immediate downside support is located near the $60,450 level.

The first major support is near the $60,000 level. The next support is now near the $59,850 zone. Any further losses could push the price towards the $58,800 support in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently losing momentum in a bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.

Main support levels – $60,450 and then $60,000.

Major resistance levels – $61,400 and $61,750.

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