Bitcoin

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-recovers-after-sharp-decline-eyes-return-to-peak-levels" rel="noopener noreferrer nofollow">Bitcoin Recovers After Sharp Decline, Eyes Return to Peak Levels</a><br></p>
<p style="text-align: justify">In a rapid sequence of events, <a href="https://en.bitcoinhaber.net/bitcoin-poised-for-sharp-rise-according-to-analyst-kevin-svenson" rel="noopener noreferrer nofollow">Bitcoin</a>‘s value plummeted from its high of $64,000 down to $58,700, only to regain momentum and trade above $61,000. This rollercoaster movement within the <a href="https://en.bitcoinhaber.net/crypto-market-watch-key-developments-to-influence-direction" rel="noopener noreferrer nofollow">cryptocurrency</a> sphere signals a robust enthusiasm among traders and suggests a potential resurgence towards the previously tested resistance near $64,000.</p>
<h2 id="reclaiming-stability-above-key-thresholds">Reclaiming Stability Above Key Thresholds</h2>
<p style="text-align: justify">Bitcoin has been recently trading in a consolidation pattern beneath the formidable $60,000 mark, but it has breached this threshold and is now valued around $61,250. It also stands firm above the 100-hour Simple Moving Average, and an upward trend line has emerged, providing support at approximately $60,950 on the hourly chart. These developments imply that Bitcoin may be gearing up for an assault on the resistance zone at $64,000.</p>
<p style="text-align: justify">The digital currency has displayed strong performance, securing a foothold above $58,000, subsequently rallying to challenge and surpass barriers near $60,000 and $62,000. This trend indicates Bitcoin’s resilience and growing investor confidence.</p>
<p style="text-align: justify">Despite making an attempt to scale the heights of $64,000, Bitcoin experienced a sudden downturn coinciding with a <a href="https://en.bitcoinhaber.net/robinhood-launches-cryptocurrency-trading-app-in-europe" rel="noopener noreferrer nofollow">Coinbase</a> platform outage, plunging to its support level around $58,000. However, it has shown resilience by rebounding past the $61,000 resistance level.</p>
<h2 id="prospects-for-bitcoin-s-short-term-trajectory">Prospects for Bitcoin’s Short-Term Trajectory</h2>
<p style="text-align: justify">With Bitcoin currently trading above $61,000 and maintaining its position above the 100-hour Simple Moving Average, it also benefits from an ascending trend line on the hourly chart. The immediate resistance lies near the $62,500 level. The recent dip to $58,700 — near the 76.4% Fib retracement level — should not be dismissed when considering future movements.</p>
<p style="text-align: justify">Looking ahead, the $64,000 mark stands as a pivotal resistance level which, if surpassed, could see Bitcoin ascend towards the $65,000 zone. Should the currency face declines, support near the $62,500 level may give way, potentially leading to a retest of the $60,000 benchmark. Current technical indicators, including the hourly MACD and the RSI, point to a bullish trend, with significant support placed at $60,800 and $60,000, and resistance tiers at $62,500, $64,000, and $65,000.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-recovers-after-sharp-decline-eyes-return-to-peak-levels" rel="noopener noreferrer nofollow">Bitcoin Recovers After Sharp Decline, Eyes Return to Peak Levels</a></h5>

Bitcoin Recovers After Sharp Decline, Eyes Return to Peak Levels

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