Prominent crypto analyst Dan Gambardello has pointed out critical resistance levels Bitcoin must surpass to signal a bullish trend. Speaking to his 368,000 YouTube followers, he emphasized the short-term holder cost basis at $63,600 as a crucial momentum indicator.
Gambardello highlighted the importance of breaking above the 20-day, 50-day, and 200-day moving averages and Fibonacci retracement levels. He also mentioned that macroeconomic factors like recession fears could impact Bitcoin.
From a technical perspective, the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators suggest potential upward movement. However, Gambardello stressed that Bitcoin must move upwards now, targeting a breakout above $63,700, to avoid heading towards $50,000.
