As a seasoned crypto investor with years of experience navigating the volatile cryptocurrency market, I find the recent Bitcoin price action particularly intriguing. Having witnessed numerous bull and bear cycles, I can confidently say that the recovery above the $60,000 resistance zone is reminiscent of a phoenix rising from the ashes.
The price of Bitcoin has rebounded over the $60,000 barrier. Currently, Bitcoin is finding it difficult to surpass the resistance at $61,200 and $61,500.
- Bitcoin started a recovery wave above the $60,000 resistance zone.
The price is trading above $60,000 and the 100 hourly Simple moving average.
There was a break above a connecting bearish trend line with resistance at $59,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might attempt a fresh increase if it settles above the $61,500 resistance zone.
Bitcoin Price Builds Momentum
The cost of a single Bitcoin began a significant climb surpassing the barrier at around $58,500. Subsequently, it managed to break through both the $59,500 and $60,000 price ceilings.
On the hourly Bitcoin-to-USD chart, there was a break above a bearish trend line that offered resistance at $59,500, and the price briefly surged past $61,500. The peak reached was $61,555, but now, the price is correcting its gains.
The price dropped beneath the $61,200 and $61,000 mark and fell below the 23.6% Fibonacci retracement line, which represents a key support level following the price increase from the $58,441 low to the $61,555 high.
Currently, Bitcoin’s price is surpassing $60,000 and aligning with its 100-hour Simple Moving Average. Additionally, it has climbed significantly above the 50% Fibonacci retracement level from the price drop between $58,441 low to $61,555 high. As it moves upward, potential resistance may be encountered around $61,200.
In simpler terms, if the price manages to break past the $61,500 barrier, it could potentially rise more in the upcoming periods. The next significant resistance level might be around $62,500.
As a researcher, I’ve identified that the next significant barrier stands at approximately $63,500. Breaking above this resistance level may stimulate further upward momentum, potentially driving the price towards testing the $65,000 resistance level.
Another Drop In BTC?
If Bitcoin doesn’t manage to break past the $61,500 barrier, it might trigger a new drop in price. The nearest support lies around the $60,000 mark or the 100-hour Simple Moving Average.
Initially, a significant level of backing can be found at $59,650. Currently, the next level of support is approaching the vicinity of $59,150. If the price continues to fall, it could slide towards the $58,500 support zone or potentially dip further down to $57,200 in the immediate future.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $60,000, followed by $59,650.
Major Resistance Levels – $61,200, and $61,500.
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2024-08-14 05:28