Bitcoin rebound imminent? – price analysis by Cointribune
After rebounding 15% from $57,000, Bitcoin encountered selling pressure at $65,000. Following this rise, the price gradually moved towards $60,000. Recently, there has been renewed buying interest at this price level, which seems to be defended to this day. Thus, the cryptocurrency is currently in a period of indecision.
At the time of writing this text, Bitcoin is trading around $62,000. Although the underlying trend remains bullish, the position of the Bitcoin price below its 50-day moving average casts doubt on the continuation of this trend, at least in the short term. Oscillators show a stabilizing Bitcoin dynamic. Despite its current weakness, this could indicate a potential return of the bullish dynamic for the leading cryptocurrency.
As long as Bitcoin manages to stay above $60,000, we can anticipate breaking $64,000. The next resistance to consider, if the upward movement continues, would be in a price range around $67,000 and $68,000. Even higher, we can note the $71,000 and above. At this point, it would represent an increase of more than 14%.
If Bitcoin does not stay above $60,000, we could consider renewed buyer interest again at $57,000. The next level to consider, if the downward movement continues, would be around $54,000. Lower, we can note the well-known level of $52,000 – $50,000. At this point, it would represent a decrease of about -19%.
