Bitcoin Price Remains Firm: Maintaining Critical Support Amid Market Uncertainty

Bitcoin Price Remains Steady

Bitcoin price started declining again from the $63,500 resistance area. BTC is trading below the $62,500 and $62,200 support levels. A low was formed at $61,000 and the price started to rebound.

The price broke above the $61,250 and $61,500 levels. Moreover, there was a break above a connecting bearish trend line with resistance at $61,550 on the hourly chart of the BTC/USD pair. The price broke above the 23.6% Fib retracement level of the recent decline from the $63,400 swing high to $61,000 low.

Bitcoin price is holding the critical support of $60,000. BTC is likely to start another increase and move above the range resistance of $63,500.

Bitcoin is still trading between $60,000 and $63,500. The price is trading above $61,500 and the 100 hourly simple moving average. The resistance level of $61,550, which connects a bearish trend line, was broken on the hourly chart of the BTC/USD pair (data source from Kraken). The pair is likely to gain bullish momentum if it breaks above $62,200 and $62,500.

Bitcoin is still trading above the $61,500 level and the 100 hourly simple moving average. An immediate resistance is near the $62,200 level, which is the 50% Fibonacci retracement level of the recent drop from the $63,400 swing high to $61,000 low.

The first major resistance could be $62,500. The next key resistance could be $63,000. A clear break above the $63,000 resistance could lead the price higher. The main resistance is currently at $63,500. The price is likely to continue its upward move if there is a close above the $63,500 resistance zone. In the above case, the price could move up to $65,000.

Bitcoin Falls Again?

If Bitcoin fails to break the $62,500 resistance, it could start another decline. An immediate support on the downside is near the $61,550 level and the 100 hourly simple moving average.

The first major support is $61,000. If there is a close below $61,000, the price could start a decline towards $60,400. Any more losses could lead the price to the $60,000 support area in the near term.

Technical Indicators:

Hourly MACD – The MACD is currently accelerating in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.

Major Support – 61,550, followed by 61,000.

Major Resistance – 62,200, 62,500, and 63,500.

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