Bitcoin Price Analysis: Rebound Opportunity

Bitcoin Price Analysis

Bitcoin’s sharp rebound from the 38.2% Fibonacci retracement level of $61,736 suggests traders are viewing the dip as a buying opportunity.

The 20-day exponential moving average (EMA) has flattened and the relative strength index (RSI) is just above the midpoint, suggesting range-bound action in the near term. The BTC/USDT pair is likely to face resistance at $69,000 and support at $60,775.

Consolidation near the highs is a positive sign that bulls are holding on to their positions rather than rushing to exit. A move above $69,000 could open the door to a retest of the all-time high of $73,777.

Downside support is located at $60,775, followed by the 50-day moving average ($57,623). Buyers are expected to defend the area vigorously.

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