Bitcoin’s price is currently showing signs of recovery after finding support near the $60,600 level. However, there is a strong resistance zone around $63,200 that could limit the bullish momentum.
In the recent correction, Bitcoin dropped below $62,000 and $61,200 before finding support. The price has now moved above those levels and cleared a bearish trend line with resistance at $62,000. Bitcoin is currently trading near $63,000 and the 100 hourly Simple Moving Average, which will be a crucial level to watch for further price movements.
If Bitcoin manages to close above $63,200 and the 100 hourly SMA, it could gain bullish momentum. The next major resistance levels to watch are $64,350 and $65,500. A close above $65,500 could potentially push the price towards $67,500.
On the downside, if Bitcoin fails to break above the $63,200 resistance zone, it could resume its decline. Immediate support is seen near $62,400, followed by the major support levels at $62,000 and $60,600. Further losses may push the price towards the $60,600 support zone.
Technical indicators suggest a bullish outlook, with the MACD gaining pace in the bullish zone and the RSI for BTC/USD above the 50 level.
Overall, while Bitcoin is showing early signs of recovery, the key level to watch is the $63,200 resistance zone and the 100 hourly SMA.