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- The value of Bitcoin (BTC) has risen above the psychological threshold of $60,000 but continues to encounter resistance at $64,000.
- Bitcoin dropped to $58,555 on June 24.
The value has risen above the psychological level of $60,000 and maintains its volatile trend. Currently, the BTC price has recovered and surpassed the existing price range of $60,000 to $63,000.
BTC Price Chart | Source: Coinstats
On the upside, Bitcoin will face resistance near the moving average line. A breakthrough above the moving average lines could drive Bitcoin to a peak of $70,000.
Conversely, if Bitcoin is unable to surpass the moving average lines, it will have to maintain its position above the $60,000 support while remaining below the moving average lines. At the time of this report, Bitcoin is valued at $63,622.
Bitcoin Indicator Reading
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Following the recent price increase, the BTC price is positioned above the moving average lines on the 4-hour chart.
Bitcoin has resumed its upward trajectory. However, the uptrend faces resistance at the 21-day SMA. Despite the price recovery, the moving average lines remain flat.
Technical Indicators:
- Key resistance levels – $70,000 and $80,000
- Key support levels – $50,000 and $40,000
What Is The Next Direction For BTC/USD?
Bitcoin has resumed its upward trend, although it remains within the downtrend zone. The leading cryptocurrency is experiencing resistance at the 21-day SMA or at $64,000.
The cryptocurrency is anticipated to continue its movement above $60,000 but below the moving averages.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
