Bitcoin (BTC) Recovers, But Encounters Resistance At $64,000

• The price of Bitcoin (BTC) pulled back above the psychological $60,000 mark but continues to face resistance at $64,000.
• Bitcoin fell to $58,555 on June 24.

The price pulled back above the psychological $60,000 mark and continued its fluctuating trend. Today, the BTC price has recovered and broken out of the current price range of $60,000 to $63,000.

On the upside, Bitcoin will encounter resistance near the moving average line. A break above the moving average lines would propel Bitcoin to a high of $70,000. 

On the other hand, if Bitcoin fails to break above the moving average lines, it will be forced to continue its move above the $60,000 support but below the moving average lines. At the time of writing, Bitcoin is currently worth $63,622.

Bitcoin Indicator Reading

After the recent price rise, the BTC price is above the moving average lines on the 4-hour chart. 

Bitcoin has resumed its uptrend. On the upside, the uptrend is rejected 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 uptrend, although it remains in the downtrend zone. The largest cryptocurrency is facing a rejection at the 21-day SMA or resistance at $64,000. 

The cryptocurrency is expected to continue its move 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.