Bitcoin’s market has seen a remarkable rebound, with the cryptocurrency jumping 4.2% in the last twenty-four hours to break above $67K during early Asian trading. Following a successful resilience, Bitcoin was able to sustain its current bullish momentum by staying above this crucial support level at $63,500-$64,000. Bitcoin is priced at $66,925.40 and has a 24-hour trade volume of $35 billion, representing an increase of 4.35%. It is suggested that this recovery could lead to more upward momentum as it shows that there is still some optimism in the market.
Bitcoin’s recovery is well-supported by positive technical indicators such as RSIs (relative strength indicators) and MACDs (moving average convergence divergences). The RSI stands at 61.08, indicating strong buying interest but approaching overbought levels, which indicates that the bears are likely to come back. Furthermore, in line with this optimistic sentiment, MACD also represents positive sentiments, as indicated by the position of the MACD line above the signal line.
Bitcoin Oscillates Around $67K as Bullish Momentum Tests Key Resistance Levels
In addition to the daily chart formation of higher highs and lower lows, bitcoin has closed above both its 50-DMA and 200-DMA on multiple occasions, making it fall into a strong uptrend category. These moving averages indicate whether investors are bullish or bearish on long-term outlooks for markets. Right now, they favor bulls.
The immediate resistance level for Bitcoin lies around the $68K mark, from where prices could quickly surge toward the psychological barrier at $70K levels. However, this barrier looks increasingly penetrable given the prevailing market dynamics despite its historically stiff resistance. Conversely, critical supports lie at around $65K-$63.5K levels since these levels have recently absorbed selling pressures during short-term horizons.
Bitcoin Market Resilience Amid Mt. Gox Repayments and Potential Bullish Breakout
The recent commencement of Mt. Gox repayments to over 20,000 customers after a decade-long wait has brought a mix of apprehension and optimism to the Bitcoin community. This was initially feared as likely to trigger selloffs and, hence, reduce prices in the market due to a sudden increase in the number of bitcoins introduced. Nevertheless, according to CryptoQuant, over 5k BTC has been withdrawn from Kraken alone in the last 48 hours, worth about $329m. Notably, instead of selling instantly, most of these recovered assets go into custodian wallets, showing that recipients would hold onto their Bitcoin instead.
The figures show that Bitcoin has established a substantial support area at around $63k – $65k levels despite massive sell-offs such as Germany’s $3 billion sale recently. Ali Martinez points out a possible bullish breakout about Bitcoin’s RSI hourly, having already broken its downtrend. However, on daily charts versus USD, Bitcoin still closes consistently above its 50-DMA and 200-DMA over time. Hence, if Bitcoin can remain above this critical support/resistance level for another day or two, then there might be a surge towards $70K by month end because it had done so previously in the past when similar conditions prevailed during the July period but only briefly before falling back below eastward-bound price channel floor near $68K level again; otherwise, should it fail rallying beyond this point over next fortnight or so then correction could intensify September.
