In the turbulent seas of cryptocurrency, Bitcoin has once again surged forth, finding a sturdy support near the $60,600 mark. One should not expect smooth sailing as Bitcoin regains momentum, however, because the bears still seem to lurk close by, ready to pounce in the resistance zone of around $63,200.
The story of Bitcoin’s climb has its roots in the $60,600 support zone, which withstood vigorous testing before ushering in a powerful recovery wave. Currently treading water near the precipice of $63,000, Bitcoin’s buoyancy can be attributed to the 100 hourly Simple Moving Average, which functions as an important signal in predicting the swells and dips of this market.
What observers may find more striking is the neat slicing through the thick blanket of bearish sentiment — a crushing resistance at $62,000 that had stretched across Bitcoin’s hourly chart like an insurmountable mountain. The pair of Bitcoin to USD (BTC/USD), as data gleamed from Kraken suggests, made a resilient break above this point. A close above the $63,200 mark as well as the 100 hourly Simple Moving Average may herald bullish momentum for Bitcoin.
Extended losses below the markers of $62,000 and $61,200 had dipped Bitcoin into the trenches before the bulls emerged in the $60,600 zone. It was here that a low of $60,650 breathed a fresh gust of wind into the virtual sails of the currency, sparking a recuperation of the losses born thus far.
Whispers of recovery changed to shouts as Bitcoin outpaced the resistance levels of $61,200 and $62,000, forging ahead to clear the 23.6% Fib retracement level of the plunge from the lofty $65,500 peak to the $60,650 valley. Combined with the aforementioned breakthrough of the bearish trend line, Bitcoin now sails under the banner of $63,000, fortified by the 100 hourly Simple Moving Average. But potential trials await Bitcoin near both the $63,200 and the $64,350 markers.
If Bitcoin manages to decisively navigate past the choppy waters of the $64,350 resistance, it could herald a further escalation in price, potentially catapulting it towards the prize of $65,500. Overcoming this major resistance could plant the seeds for a steep climb, perhaps even reaching the dizzying heights of $67,500.
Yet, should Bitcoin falter and drift below the resistance belt of $63,200, it could spell another tumble into decline. With minor support at the $62,400 mark and major support shy of there at $62,000, a dip below this line has the potential to pull Bitcoin under the tide, reverberating shockwaves that could sink the value to around $61,200. Indeed, a more substantial slip up may deposit this volatile asset into the $60,600 support zone.
MACD indicators plot a budding course into the bullish zone, amplified by the Relative Strength Index (RSI) which places Bitcoin’s standing comfortably above the crucial 50 level. So despite unpredictable winds and choppy economic waters, the tenacious currency continues to chart its unpredictable but relentless course. It remains to be seen whether this journey entails breaching the anticipated $64,350 resistance or a challenging plunge below $62,000, into the ever-looming abyss.
