Bitcoin price has recently started a recovery wave from the $57,200 zone, showing signs of potential upward movement. The price is currently attempting to surpass key resistance levels at $60,200 and $61,150, which could determine the future direction of BTC.
The hourly MACD is gaining pace in the bullish zone, indicating a positive momentum for Bitcoin. Additionally, the hourly RSI for BTC/USD is now above the 50 level, suggesting a strengthening of the uptrend. These technical indicators point towards a possible continuation of the recovery wave.
In the event of a successful break above the $61,150 resistance level, Bitcoin’s price could see further upside potential in the coming sessions. The next significant resistance could be at $62,000, with a potential target of $65,000 if the bullish momentum continues. On the downside, immediate support is near $58,750, followed by a major support level at $58,500. Further losses might lead the price towards the $56,200 support zone in the short term.
Bitcoin’s price has cleared key resistance levels at $58,000 and $58,200, indicating a bullish outlook in the near term. The break above a connecting bearish trend line at $58,350 on the hourly chart suggests a potential continuation of the upward movement. The price is currently trading above $58,000 and the 100 hourly Simple Moving Average, further supporting the bullish case.
Overall, Bitcoin’s price is facing a critical juncture as it attempts to break key resistance levels at $60,200 and $61,150. Technical indicators are signaling a positive momentum, but the ultimate direction will depend on the ability to surpass these resistance levels. Traders and investors should closely monitor price movements and adjust their strategies accordingly to capitalize on potential opportunities in the market.
