The post Bitcoin [BTC] Eyes Critical $61,509 Resistance for Potential Breakout Amid Recent Recovery appeared on BitcoinEthereumNews.com.

Bitcoin is currently navigating a significant resistance level at $61,500, which could indicate the start of a robust recovery if breached. Derivatives data reveals a subtle bullish inclination, with a long/short ratio leaning towards bullish sentiment. Bitcoin’s recent consolidation phase follows a drop to a five-month low, highlighting a short-term stabilization despite increased trading volumes and a modest price rebound. Bitcoin’s price hovers near critical EMAs, indicating a decisive phase for market direction. Bitcoin’s Attempt to Rebound from Market Volatility Currently trading at $60,850, Bitcoin has risen nearly 2% in the past 24 hours after a bounce from a five-month low at $59,413. This level aligns with the 200-day Exponential Moving Average (EMA), providing significant support. The immediate challenge for bulls is to reclaim the 50-day EMA at $61,509 to sustain the recovery momentum. Key Levels and Indicators to Watch The present price dynamics reveal a contest between buyers and sellers, especially as Bitcoin navigates near crucial EMAs. If the price breaks above the 50-day EMA at $61,509, it could pave the way to the $63,867 resistance, and potentially onwards to the $66,000 region. Conversely, failing to hold above the 20-day EMA may result in revisiting lower support levels, particularly $59,413. Notably, the Relative Strength Index (RSI) marginally above 50 signifies a neutral outlook, solidifying the current critical juncture for Bitcoin’s market trend. Market Sentiment and External Factors Increased trading volume and open interest underscore traders preparing for a potential move, with derivatives data showing a bullish tilt. Volume surged 21% to $54.88 billion, and open interest rose by nearly 3% to $30.89 billion. The long/short ratio stands at 1.0358, slightly favoring long positions. On Binance, the BTC/USDT long/short ratio is 1.3223, indicating continued trader optimism for a rebound. Investors should remain vigilant of macroeconomic trends and overall market sentiment,…

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Filed under: News - @ August 21, 2024 8:19 am