Bitcoin Price Hovers Above $60K As Traders Search For Direction
Summary
Bitcoin fell below the $62,500 area and turned more bearish after losing the $63,500 support zone. It dipped under $61,200 and hit a low near $60,746, while trading below both $62,500 and the 100-hour simple moving average. A bearish trend line is forming around $62,400. If BTC holds above $60,750, it could attempt a rebound, with initial resistance near $62,500 and then $63,200. A close above $63,200 could open the way toward $63,500, then $64,500 and possibly $65,000. If Bitcoin fails to break above $63,200, another decline is possible. Key downside levels are $61,650, $61,200, $60,750, and $60,200, with major support at $60,000. The hourly MACD is weakening in bearish territory, while the RSI is above 50.
