The post Bitcoin Approaches Critical $61K Resistance After Strong Rebound From $50K Support appeared on BitcoinEthereumNews.com.

Bitcoin has experienced a major rebound after finding robust support near the $50K mark. The price has now hit significant resistance around the 200-day moving average at $61K, indicating a potential pullback completion. There are critical factors that might influence Bitcoin’s next directional move, including a possible break above the current resistance. Explore the recent movements in Bitcoin price and the pivotal resistance levels that could shape its future trend. Bitcoin Hits Key Resistance After Rebounding from $50K Following a strong downtrend, Bitcoin found solid support around $50K, prompting a notable rebound. However, the cryptocurrency has now entered a critical resistance zone near the 200-day moving average at $61K. This region is packed with potential selling pressure, which could either neutralize the current bullish trend or see Bitcoin push through for another significant surge. Highly Anticipated Market Reactions at $60K Resistance In the daily chart analysis, an increase in buying pressure near the $50K support level has been observed, leading to a strong bullish recovery. As Bitcoin approaches a resistance zone that includes the 200-day moving average and psychological resistance at $60K, the market is watching closely for signs of potential rejection or breakthrough. Should the price falter here, it might lead to another bearish wave, sending Bitcoin back to the $50K threshold. Conversely, breaking through this resistance could result in a short-squeeze and a subsequent impulsive rally. 4-Hour Chart Indicates Possible Reversal The 4-hour chart displays Bitcoin’s price rebounding substantially after absorbing sell-side liquidity below $50K. A noticeable bullish divergence with the RSI indicator has further supported the climbing prices. Currently, Bitcoin has reached a major resistance area marked by the 0.5 ($59K) and 0.618 ($62K) Fibonacci levels. This zone represents a possible barrier to further growth, and if Bitcoin doesn’t break through, it could signify that the recent…

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Filed under: News - @ August 11, 2024 4:22 pm