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Home»EXCHANGE NEWS»Bitcoin price is showing early signs of recovery, but the 100 SMA is key
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Bitcoin price is showing early signs of recovery, but the 100 SMA is key

By Crypto FlexsMay 10, 20242 Mins Read
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Bitcoin price is showing early signs of recovery, but the 100 SMA is key
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Bitcoin price found support near $60,600. BTC is recovering, but bears may remain active near the $63,200 resistance zone.

  • Bitcoin tested the $60.60 support zone and began a recovery.
  • The price is trading near $63,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $62,000.
  • The pair could gain bullish momentum if it closes above $63,200 and the 100-hourly simple moving average.

Bitcoin price recovery begins

Bitcoin price extended losses below the $62,000 and $61,200 levels. The upside finally emerged near $60,600. The low was formed at $60,650 and the price is currently correcting losses.

There was a move above the resistance levels of $61,200 and $62,000. The price recently cleared the 23.6% Fib retracement level of the decline from the $65,500 swing high to the $60,650 low. Moreover, on the hourly chart of the BTC/USD pair, it broke the key bearish trend line at $62,000, which is the resistance level.

Bitcoin is currently trading near $63,000 and the 100-hour simple moving average. Immediate resistance is near the $63,000 level. The first major resistance could be $63,200 or the 50% Fib retracement level from the recent $65,500 swing high to the $60,650 low or the 100-hourly simple moving average.

Source: TradingView.com BTCUSD

The next major resistance could be $64,350. A clear break above the $64,350 resistance could push the price higher. The main resistance level is currently at $65,500. If the price closes above the $65,500 resistance zone, the price may continue to rise. If specified, the price could go as high as $67,500.

Are there more downsides to BTC?

If Bitcoin fails to rise above the $63,200 resistance zone, another decline could begin. Immediate support for the downside is near the $62,400 level.

The first major support is $62,000. If the closing price falls below $62,000, the price may start to fall towards $61,200. More losses could lead the price towards the $60,600 support area in the near term.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bullish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $62,000, $60,600.

Key resistance levels – $63,000, $63,200, $64,350.

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