Key support maintained amid market uncertainty

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Bitcoin price holds key support at $60,000. BTC could start another rally and move towards the resistance at $63,500.

  • Bitcoin is still trading in the $60,000 to $63,500 range.
  • The price is above $61,500 and Plain’s 100-hour moving average.
  • On the hourly chart, the BTC/USD pair broke above the merging bearish trend line with resistance at $61,550 (feeding data from Kraken).
  • The pair could gain bullish momentum if it reaches the $62,200 and $62,500 levels.

The price of Bitcoin remains constant

Bitcoin price began another decline from the resistance zone at $63,500. BTC was trading below the $62,500 and $62,200 support levels. The bottom was formed at $61,000 and the price began a wave of recovery.

There was a move above the $61,250 and $61,500 levels. Additionally, there was a break above the converging bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair. There has been a move above the 23.6% Fib retracement level resulting from the recent drop from a high of $63,400 to a low of $61,000.

Bitcoin continues to trade above $61,500 and the 100-hour elementary moving average. Immediate resistance is located near the $62,200 level or the 50% Fib retracement level during the recent decline from a high of $63,400 to a low of $61,000.

Source: BTCUSD enabled

The first major resistance could be $62,500. The next key resistance could be $63,000. A clear move above the resistance at $63,000 could result in a price rally. The main resistance is currently at $63,500. If there is a close above the resistance zone at $63,500, the price may continue to rise. In this case, the price could go up to $65,000.

Another BTC drop?

If Bitcoin fails to rise above the $62,500 resistance zone, it could begin another decline. Immediate downside support is located near the $61,550 level and the 100-hour elementary moving average.

The first major pledge is $61,000. If the close is below $61,000, the price may start to decline towards $60,400. Any further losses could push the price towards the $60,000 support zone in the near future.

Technical Indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

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

Major support levels – $61,550 and then $61,000.

Major resistance levels – $62,200, $62,500 and $63,500.


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