bullish

Bitcoin

Momentum

Reversal

<ul>
 <li>Bitcoin trades above $60K, with a market cap of $1.18 trillion and signs of potential bullish reversal.</li>  
 <li>Key RSI and MACD indicators suggest Bitcoin may stabilize, with slight bullish momentum on the horizon.</li>  
 <li>Analyst highlights $64.7K as the next target, with Bitcoin recovering from recent lows above crucial Fibonacci levels.</li> 
</ul>  
<p>Bitcoin is showing signs of stabilization, with a possible uptrend on the horizon. At press time, Bitcoin was trading at <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">$60,081.23</a>, Bitcoin has experienced a minor increase of 1.46% in the past 24 hours.&nbsp;</p>  
<p>Crypto analysts are closely watching key levels as Bitcoin's market cap hovers around $1.18 trillion, marking a slight gain of 0.79%. Despite a decrease in 24-hour trading volume by 6.71% to $39.73 billion, indicators suggest a possible reversal.</p>  
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<h2 class="wp-block-heading" id="h-key-levels-and-market-cap-movements"><strong>Key Levels and Market Cap Movements</strong></h2>  
<p>Bitcoin's market cap has fluctuated between $1.176 trillion and $1.219 trillion. At the time of writing, it stands at $1.183 trillion, a decline of 2.87% from previous highs. This fluctuation highlights the current instability, but certain technical indicators point to potential stabilization.</p>  
<p>The RSI currently stands at 45.92, signaling <a href="https://cryptonewsland.com/bitcoin-faces-extended-bear-market-amid-gold-comparison-schiff-raises-concerns/" rel="noopener noreferrer nofollow">neutral to slightly bearish momentum</a>. Although the RSI remains below 50, indicating that Bitcoin is neither overbought nor oversold, this neutral stance leaves room for market shifts.</p>  
<p><img width="602" height="335" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd3XZkkD_w8AOMgV9KDsm6sh7ec5SpLH4utQJi2dtzZ6BJq_2pXc58baoms11Xu0rlwUiNB8QohjRfvobrO80CuspqiGG-E0Zduah6bDXLDuCmk7r8DgUio6Hvpk0ns9JlTFqnULd0Cx_z_LUTZ3iJpbNMs?key=YFjT-PLWKJyUkwXmM7t6DA"></p>  
<p>Source: <a href="https://www.tradingview.com/x/yidrKb2M/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a></p>  
<h2 class="wp-block-heading" id="h-bearish-momentum-and-possible-reversal"><strong>Bearish Momentum and Possible Reversal</strong></h2>  
<p>The MACD line is below the Signal line, with a value of -13.779 compared to the Signal line’s -15.414. This negative histogram signals ongoing bearish momentum. However, the increasing size of the histogram bars indicates that the bearish momentum may be waning, suggesting a potential <a href="https://cryptonewsland.com/bitcoin-mirrors-2020-bullish-events/" rel="noopener noreferrer nofollow">reversal or consolidation</a> phase. Bitcoin’s price action has reflected this, with recent candlestick patterns showing a slight upward movement after a dip.</p>  
<h2 class="wp-block-heading" id="h-fibonacci-levels-and-short-term-outlook"><strong>Fibonacci Levels and Short-Term Outlook</strong></h2>  
<p>On a 4-hour chart, Bitcoin is trading at $60,053.79, just above the crucial 0.618 Fibonacci level at $52,085.96. This level, drawn from a swing low of $51,310.70 to a swing high of $70,099.53, serves as both support and resistance.&nbsp;</p>  
<p><img width="602" height="259" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfN5jSJyMKPZ9m-DkDWweu_V3d8b0SQ6R-vTC_ymrpe5--8BRX9FssCNh7CQOpjpfeS_-r8ZZEd19woa0Ic982HxexsHN3-tl0ybtMIHAk6r1LzahA7yYPxo0Y_vnOVFMAPnzpO8rbiZwPuFDj_MCQmyTY?key=YFjT-PLWKJyUkwXmM7t6DA"></p>  
<p>Source: <a href="https://cryptorank.io/price/bitcoin/full-feature-chart" target="_blank" rel="noopener noreferrer nofollow">CryptoRank</a></p>  
<p>The RSI on this chart is indicating slight bullish momentum. The MACD further supports this outlook, with the MACD line slightly below the Signal line, signaling <a href="https://cryptonewsland.com/bitcoins-next-move-bullish-or-bearish-trends/" rel="noopener noreferrer nofollow">slight bullish momentum</a>. However, caution is advised as the RSI nears levels that could indicate overbought conditions.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-shows-stabilization-analysts-eye-64-7k/" rel="noopener noreferrer nofollow">Bitcoin Shows Stabilization, Analysts Eye $64.7K as Key Levels Indicate Potential Upside</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Shows Stabilization, Analysts Eye $64.7K as Key Levels Indicate Potential Upside

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