Economy 12-05-2024 16:03 9 Views

Bitcoin Price Prediction as Bulls Defend $61,000 Level – Here are Key Levels to Watch Next

Bitcoin Price Prediction

In the latest Bitcoin price prediction, the flagship cryptocurrency hovers around $61,154, reflecting a slight 0.60% increase within 24 hours. With a robust trading volume exceeding $13 billion and a market cap nearing $1.2 trillion, Bitcoin demonstrates resilience as bulls strive to maintain the $61,000 support level.

Bitcoin Price Prediction

At present, Bitcoin‘s price action revolves around a pivotal point set at $60,975, suggesting a bearish Bitcoin price prediction as long as BTC hold below this level.

If the price can sustain itself above this level, it might challenge immediate resistances placed at $63,400, $65,050, and potentially $67,160. If convincingly breached, these resistance levels are critical markers that could lead to further bullish momentum.

Conversely, Bitcoin’s support levels are $59,075, $56,640, and $54,400. A dip below these could signal a bearish downturn, intensifying selling pressures and potentially leading to more significant price drops.

The technical indicators offer a mixed view. The Relative Strength Index (RSI) currently stands at 45, which lies in neutral territory, hinting at an equilibrium between buying and selling pressures.

However, the 50-day Exponential Moving Average (EMA) at $61,875, which is slightly above today’s price, suggests a bearish undertone. This indicates that Bitcoin might struggle to maintain upward momentum unless it can consistently close above this moving average.

Bitcoin Price Prediction – Source: Tradingview

In summary, while there’s potential for an upside if Bitcoin can overcome key resistance levels, the price’s proximity to the 50 EMA and the neutral RSI pose challenges.

Traders should watch for whether Bitcoin can maintain support above the pivotal $60,975 or if it will succumb to bearish pressures, potentially revisiting lower support levels.

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