#Bitcoin's price has experienced a rollercoaster ride, dropping from $68K to $50K before rebounding above $60K. The daily chart shows a critical test of the 200-day moving average at $61K, a key trend indicator. A breakout above this level is essential for the bull run to continue.
Intraday Momentum
The 4-hour chart reveals a V-shaped recovery from $50K, with higher highs and lows formed since then. The market has reclaimed $57K and $60K, but a fake breakout above $60K is possible if prices drop back below. If the momentum sustains, $64K resistance is the next target, potentially leading to a new all-time high.
Key Takeaways:
- Bitcoin's price is testing the 200-day moving average at $61K, a crucial trend indicator.
- A breakout above $61K is necessary for the bull run to continue.
- Intraday momentum shows a V-shaped recovery from $50K, with higher highs and lows formed.
- The market has reclaimed $57K and $60K, but a fake breakout above $60K is possible.
- If momentum sustains, $64K resistance is the next target, potentially leading to a new all-time high.
