For the first time this week, Bitcoin (BTC) started the day on a high. As a result, the asset managed to maintain support at $60,000.

BTC is trading at the close of this article at $61.3 thousand, with a 1% appreciation in 24 hours. Will this upward movement persist or will it be temporary?

Bitcoin starts recovery

Bitcoin appears to have confirmed a bottom in its latest downward move, as seen on the 4-hour chart. Today was the first time the asset formed a candle above its 9-period exponential moving average (EMA) (blue) since Sunday (29).

Additionally, the Relative Strength Index (RSI) is rising, approaching the neutral zone of 50. Breaking above this level would be a major bullish signal, at least in the short term. This would indicate that buyers are regaining control of the trend.

Bitcoin (BTC) Chart on TradingView

Another bullish sign would be the formation of candles above the 21-period EMA (orange). For this, BTC needs to rise above $61.7K.

Price forecast

The 1-hour chart shows reasons to believe that Bitcoin will continue to rise today. At this time, the aforementioned EMA crossover has returned to positive, which shows that the asset is trading at increasingly higher prices in the short term.

Furthermore, the RSI at this time is already above 50, but still far from the 70 level – which shows that there is room for further jumps without the price entering the overbought state.

The Fibonacci retracement also supports this scenario. As you can see, BTC has not yet broken above the 0.382 level. Therefore, the current upward correction could reach the 0.618 level at $63,644.

Bitcoin (BTC) Chart on TradingView

On the other hand, a drop below the $59,816 low would be a major bearish signal for the future trend. In this case, the BTC price could drop to $59,000.

The article Bitcoin Prediction: What to Expect From the Price Today? was first seen on BeInCrypto Brazil.