Market Analysis by Investing.com (Robert Zach) covering: Bitcoin. Read Investing.com (Robert Zach)'s Market Analysis on Investing.com
After surging, Bitcoin is currently hovering near a crucial resistance zone.For less than $8 a month, InvestingPro's Fair Value tool helps you find which stocks to hold and which to dump at the click of a buttonheld steady near Friday’s high, currently trading around $63,760. This recent price surge follows a speech by US Federal Reserve Chairman Jerome Powell, who hinted at a potential interest rate cut in September.
In this article, we'll take a look at the technical situation and identify key levels and indicators to monitor for a possible breakout.Bitcoin faces an intriguing yet challenging technical situation. The price hovers just below the 100-day moving average at $63,795, a key resistance level. A sustained move above this point could signal a continuation of the recovery and reignite bullish momentum.
Meanwhile, the MACD hints at slight upward momentum. Overall, the current setup supports a bullish scenario, indicating that the recovery trend might gain further strength.Despite the positive outlook, we must keep an eye on potential downside risks. A sustained break below the 200-day moving average at $63,419 could undermine market confidence and trigger a sharper decline. Watch the 38-day moving average at $62,205 closely; a drop below this level might signal the start of a correction.
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