Recently, BTC bounced back from its losses and climbed above $60,000. There’s a chance it could keep rising, possibly reaching $65,000 and $68,000 resistance levels.
Over the past few weeks, Bitcoin experienced sharp price swings, especially near the $70,000 resistance level. The price couldn’t break through this resistance and dropped sharply, falling 20% and even dipping below $55,000.
This fall also impacted other major cryptocurrencies like Ethereum, DOGE, SOL, and XRP. However, Bitcoin found support at the $50,000 level and the 50-week simple moving average, which helped stabilize the price.
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BTC Recovers From $50,000
On the weekly chart, Bitcoin bounced back strongly after testing the 50-week simple moving average. This recovery allowed BTC to regain most of its losses and rise above the 50% Fibonacci retracement level, which measures the drop from the $70,162 high to the $49,130 low.
BTC is now trading above $60,000 and showing signs of further gains. A bullish flag pattern is forming on the weekly chart, with resistance near $68,500.
BTC is facing resistance around $62,200, close to the 61.8% Fibonacci retracement level of the recent drop. The first major resistance level is near $65,000.
The main resistance is forming near the channel and $68,000 level. If Bitcoin’s Price can break above the $68,500 resistance, it could lead to a steady increase. If this happens, the price might move above the $70,000 resistance, with the next target at $72,000. If it passes this point, Bitcoin could reach a new all-time high or even $75,000.
On the other hand, there’s a chance that Bitcoin might start to fall again. The immediate support level is near $60,000, with a stronger support zone around $58,000.
Further down, the next major support is along the channel trend line at $53,500. If Bitcoin closes the week below this support, it could lead to more losses. The main support is near $50,000, and if Bitcoin drops below this, it could fall toward $40,000.
In summary, Bitcoin’s price is showing positive signs above $58,000, but it still faces resistance near the $65,000 and $68,500 resistance levels in the coming days.
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