Bitcoin (BTC) shows little price volatility this Sunday (6), with its price rising just 0.2% on the day.

However, the asset remains above US$ 62, managing to partially recover from last week's falls caused by the crisis in the Middle East.

Will BTC continue to rise or should further declines be expected?

Bitcoin confirms bottom

Bitcoin fell more than 10% last week, reaching a low of $59,800. However, the asset soon rose again, reclaiming the $60,000 range as support.

By performing a Fibonacci retracement level, it is possible to see that the asset has already surpassed the first level, 0.382. With this, it theoretically has a free path to rise to the 0.5 level, at US$ 62.9 thousand. This thesis is reinforced by technical indicators.

First, the 9-period exponential moving average (EMA) (blue) on the 4-hour chart has crossed back above the 21-period EMA (orange). This shows that BTC is trading at increasingly higher levels in the short term. The last time this crossover occurred was before a 12% jump.

Furthermore, the Relative Strength Index (RSI) is above 50, which reinforces the thesis that buyers have taken control of the trend.

Gráfico do Bitcoin (BTC) no TradingViewBitcoin (BTC) Chart on TradingView

Despite the optimistic outlook, the macro trend will only return to bullishness if Bitcoin breaks above the 0.618 level at $63,644.

The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.

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