The price of Bitcoin has experienced significant volatility, with wild swings in its value. Currently, it is consolidating gains below the $60,000 resistance level and trading above $60,500.
There is a bullish trend line forming with support at $60,950. The price may attempt another upward move towards the $64,000 resistance level. If the price breaks above this resistance, it could rise further towards $65,000 and potentially test the $66,400 level.
On the downside, immediate support is seen at $60,800, followed by $60,000. A close below $60,000 could lead to a pullback towards the $58,000 zone.
In terms of technical indicators, the hourly Moving Average Convergence Divergence (MACD) is showing bullish signals, while the Relative Strength Index (RSI) for BTC/USD is above the 50 level, indicating positive momentum.
Source: NEWSBTC
