Convergence

Cryptocurrency

Bitcoin

Resistance

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-shows-potential-for-a-new-uptrend/" data-wpel-link="internal">Bitcoin Shows Potential for a New Uptrend</a><br></p>
<p style="text-align: justify"><strong>Cryptocurrency</strong> <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a>, especially <a href="https://en.coin-turk.com/expert-crypto-analyst-warns-bitcoin-investors-of-whale-activity/" data-wpel-link="internal">Bitcoin</a>‘s (BTC) volatile movements, keeps <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> on their toes. Recently, Bitcoin’s <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> has been stable around the key support level of $60,000. However, this stability shapes future expectations, with a potential new uptrend for BTC.</p> 
<h2 style="text-align: justify" id="bitcoin-at-61-900-levels">Bitcoin at $61,900 Levels</h2> 
<p style="text-align: justify"><strong>BTC/USD</strong> pair is still trading between $60,000 and $63,500. Currently, the price is above $61,500 and the 100-hour Simple Moving Average. This supports short-term optimism.</p> 
<p style="text-align: justify">Technical analysis shows a breakout above a downtrend line connected to $61,550 resistance on the four-hour chart. This indicates a potential uptrend. However, the pair needs to surpass $62,200 and $62,500 levels to gain upward momentum.</p> 
<h2 style="text-align: justify" id="price-recovers-despite-drops">Price Recovers Despite Drops</h2> 
<p style="text-align: justify">Recently, <strong>BTC</strong> experienced a drop from the $63,500 resistance area. However, the price did not fall below the $62,500 and $62,200 support levels. The lowest level formed around $61,000, followed by a recovery wave.</p> 
<p style="text-align: justify">This recovery wave surpassed $61,250 and $61,500 levels. At this point, breaking a downtrend line connected to resistance turned investors’ eyes to the upward potential. Immediate resistance for Bitcoin is at $62,200.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-351481 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-usdt.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify">However, the first major resistance level for a real rally will be $62,500. Surpassing this level could make the next key resistance $63,000. If the price also surpasses this level, it could indicate a larger uptrend. The main target is at $63,500. If there is a close above this resistance area, Bitcoin’s price could move towards $65,000.</p> 
<h2 style="text-align: justify" id="watch-for-resistance-in-btc">Watch for Resistance in BTC</h2> 
<p style="text-align: justify"><strong>Bitcoin</strong>‘s uptrend could face a new downside risk if it fails to surpass the $62,500 resistance level. Currently, the first major support for Bitcoin is at $61,000. However, if there is a close below this level, the price could drop towards $60,400. With more selling pressure, the price could move towards the $60,000 support area in the near term.</p> 
<p style="text-align: justify">Technical indicators show the four-hour MACD (Moving Average Convergence Divergence) gaining upward momentum. However, the four-hour RSI (Relative Strength Index) is currently above the 50 level. This indicates that the price is still somewhat strong.</p> 
<p style="text-align: justify">On the other hand, the main support levels are set at $61,550 and then $61,000. Resistance levels are set at $62,200, $62,500, and $63,500.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-shows-potential-for-a-new-uptrend/" data-wpel-link="internal">Bitcoin Shows Potential for a New Uptrend</a></h5>

Bitcoin Shows Potential for a New Uptrend

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