Bitcoin is currently consolidating above the $60,000 support level, indicating potential for a recovery. Traders are watching closely as the price hovers below key resistances at $61,200 and $61,750. If these barriers are broken, a fresh uptrend is likely to resume, suggesting bullish momentum.
The recent decline saw Bitcoin dip below $60,000, forming a low at $59,850. Since then, there's been a minor increase, suggesting a consolidation of losses. The price is now trading below $61,750 and the 100-hourly SMA, but positive indicators hint at potential upward movement.
Resistance at the $61,400 and $61,750 levels remains crucial. Overcoming these could see Bitcoin aiming for $62,350 and possibly higher at $63,200. If resisted, Bitcoin may test supports at $60,450, $60,000, and potentially $58,800, indicating a possible decline.
Technical indicators like the MACD and RSI suggest the bearish pressure is losing pace, offering hope for buyers. However, cautious optimism is advised until Bitcoin clears significant resistance levels decisively.
