Bitcoin went through serious reductions throughout last month but is now back in an upward range, gaining traction with a 3% surge in the last 24 hours. More growths may continue to leave the bears in disbelief.
During last month’s sell-off, Bitcoin lost several support levels and fell to the $58,402 level – leading to a breakdown of the crucial ascending trendline – which has been serving as dynamic support since February.
Just as anticipated in the past weeks, that level was sharply rejected and the price recovered well above $60k. This led to a bearish trap and also the liquidation of millions of short positions on futures trading.
After moving sideways for five days, it initiated a surge and closed well above the $62k level yesterday. Buying pressure has dropped a bit today due to a sudden rejection from a high of $63,813 to where it is changing hands at $63,260 at press time. We can expect more positive actions if the volume level continues to rise.
Otherwise, it may resume bearish actions and continue to show signs of weakness daily. Taking a glance at the market structure, BTC is stylishly shifting trends from a technical standpoint. The bears are currently in disbelief of the latest bullish move.
Bitcoin’s Key Levels To Watch
Due to the daily high rejection, Bitcoin is now facing a minor resistance of $63,450. A surge through this resistance could activate more recovery to $65,500 and $67,000. The following resistance to watch is $68,420.
A drop below the ascending trendline could trigger a sell to the $60,200 support level. The next support to watch for drops would be $58,402 and $56,552.
Key Resistance Levels: $65,500, $67,000, $68,420
Key Support Levels: $60,200, $58,402, $56,552
- Spot Price: $63,260
- Trend: Bullish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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