After several consecutive weeks of gains, Bitcoin finds itself at a pivotal level. Here is our detailed technical analysis.
General trend
The underlying trend remains clearly bullish on weekly and monthly timeframes. BTC trades above its 50, 100 and 200-day moving averages, confirming the strength of the move.
Key levels
Supports
- Major support: $62,000 - $63,000 zone (former ATH turned support)
- Intermediate support: $58,500 (50-day MA)
- Critical support: $52,000 (0.382 Fibonacci retracement)
Resistances
- Immediate resistance: $72,000 (psychological level)
- 1.618 Fibonacci extension: $78,500
Conclusion
The bias remains bullish but caution is warranted near resistance levels. A gradual positioning with well-placed stop-losses seems the most reasonable strategy.