Bitcoin price continued to find support above the $60,000 threshold. BTC has established a solid base, positioning itself above $61,200 as it embarks on a recovery wave. There was a surge past the $62,000 and $62,200 thresholds. Additionally, the BTC/USD pair experienced a breakout above a bearish trend line, encountering resistance at $61,500 on the hourly chart. The bulls successfully drove the price above the 23.6% Fibonacci retracement level of the decline from the $74,100 swing high to the $59,107 low.
However, the bears are making their presence felt near $64,000. Bitcoin is currently trading above $62,500 and has surpassed the 100 hourly simple moving average. If the price maintains stability above $62,000, it may seek to initiate a new upward movement. Immediate resistance is positioned around the $64,500 mark. The first key resistance is positioned around the $65,000 mark. A close above the $65,000 resistance could propel the price even higher. In the given scenario, the price may increase and challenge the $66,500 resistance or the 50% Fibonacci retracement level of the decline from the $74,100 swing high to the $59,107 low. Further gains could propel the price towards the $68,500 mark. The next barrier for the bulls could be $70,000.
If Bitcoin fails to break through the $64,500 resistance zone, it may initiate another downward trend. Immediate support is positioned around the $62,800 mark. The first major support is positioned around the $62,500 mark. The next support is now near the $62,000 zone. Further losses could push the price down to the $61,500 support level in the short term. The primary support level currently stands at $61,200, and if BTC falls below this threshold, it may face challenges in making a recovery in the short term.