🚀🚀🚀 #bitcoin Price Is Showing Early Signs of Recovery But 100 SMA Is The Key
Bitcoin price found a strong support area near $60,600 and has initiated a recovery phase. However, the bears could pose resistance around the $63,200 level.
After testing the support near $60,600, Bitcoin has started to rebound. The price is currently hovering around $63,000 and is holding above the 100 hourly Simple Moving Average.
Additionally, a significant bullish signal occurred with the break above a key bearish trend line at $62,000 on the hourly chart of the BTC/USD pair sourced from Kraken.
Bitcoin is now trading close to $63,000, with immediate
resistance at this level. Further resistance lies at $63,200 or the 50% Fib retracement level of the recent decline from $65,500 to $60,650, along with the 100 hourly Simple Moving Average. If these levels are surpassed, the price may target $64,350 and eventually aim for the main resistance at $65,500. A successful close above this level could propel the price towards $67,500.
However, if Bitcoin fails to overcome the $63,200 resistance zone, it might face renewed selling pressure. Immediate support is seen near $62,400, followed by the crucial $62,000 level. A close below $62,000 could trigger a decline towards $61,200 and potentially lead to further losses towards the $60,600 support zone.
Technical Indicators:
- Hourly MACD – The MACD is showing bullish momentum.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level, indicating positive momentum.
- Key Support Levels – $62,000, followed by $60,600.
- Key Resistance Levels – $63,000, $63,200, and $64,350.
