Bitcoin (BTC) Price Shows Signs of Consolidation Above Crucial $60,000 Support Level

Bitcoin's price is showing signs of consolidation above the crucial $60,000 support level, sparking optimism for a potential upswing beyond the $61,200

Bitcoin price is attempting to consolidate above the crucial $60,000 support after a recent dip below $61,200 caused BTC to plunge past $60,500 and $60,200. As highlighted earlier, this bearish move led to a low of $59,850. However, the world’s leading cryptocurrency is now seen stabilizing its losses.

A minor rebound from the low saw Bitcoin price rise above $60,450, crossing the 50% Fibonacci retracement level from its decline from $62,350 to $59,850. More importantly, BTC price managed to break through a key bearish trend line with resistance pegged at $60,850 on the hourly BTC/USD chart.

Despite these movements, Bitcoin price still remains underneath the $61,750 level and its 100-hourly Simple Moving Average (SMA). As a result, Bitcoin faces immediate resistance at the $61,400 mark, with further hurdles at $61,750, which aligns with the 76.4% Fibonacci retracement level of the downward move from the $62,350 high to the $59,850 low.

Successfully clearing the $61,750 level could propel the price higher, eyeing the next resistance at $62,350. A sustained rally above this resistance may drive Bitcoin toward $62,850, with the possibility of reaching $63,200 if momentum continues.

On the other hand, failure to break through the $61,750 resistance could trigger another decline. Immediate support is seen around $60,450, with significant backing just at $60,000. Falling below this level might push Bitcoin further down toward the $59,850 zone, and continued losses could bring the price closer to the $58,800 support level.

Technical indicators on the hourly time frame show the MACD (Moving Average Convergence Divergence) losing momentum in the bearish territory, while the Hourly RSI (Relative Strength Index) for BTC/USD stands below the 50 mark. Key support levels are situated at $60,450 and $60,000, whereas the major resistance points linger at $61,400 and $61,750.

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