Bitcoin Price Recovers 10%
Bitcoin price extended its decline below the $62,500 zone. BTC even spiked below the $61,200 level before the bulls appeared near $60,800. A low was formed near $60,778 and the price is now moving higher.
There was a decent increase above the $63,000 and $64,000 resistance levels. The price even cleared the 50% Fib retracement level of the downward move from the $68,898 swing high to the $60,778 low. There was a break above a key bearish trend line with resistance at $65,000 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $64,500 and the 100 hourly Simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $68,898 swing high to the $60,778 low
