Bitcoin Stability Above $62,918 Signals Bullish Trend
Solid ECN – Bitcoin's price has stabilized above the 78.6% Fibonacci retracement level at $62,918, aligning with the middle line of the Bollinger Band indicator. The Awesome Oscillator shows red bars, indicating bearish momentum. Meanwhile, the RSI has moved down from the overbought territory, staying above 50, which suggests continued strength.
From a technical standpoint, the primary trend remains bullish. Immediate resistance is found at $70,346. If Bitcoin breaks through the current support, the upward trend could resume, possibly reaching a new target of $73,720.
Conversely, a drop below the immediate support of $69,218 might extend today's consolidation phase toward the 61.8% Fibonacci level at $64,466.
Solid ECN – Bitcoin's price has stabilized above the 78.6% Fibonacci retracement level at $62,918, aligning with the middle line of the Bollinger Band indicator. The Awesome Oscillator shows red bars, indicating bearish momentum. Meanwhile, the RSI has moved down from the overbought territory, staying above 50, which suggests continued strength.
From a technical standpoint, the primary trend remains bullish. Immediate resistance is found at $70,346. If Bitcoin breaks through the current support, the upward trend could resume, possibly reaching a new target of $73,720.
Conversely, a drop below the immediate support of $69,218 might extend today's consolidation phase toward the 61.8% Fibonacci level at $64,466.