Bitcoin rose today, hitting a session high of $64,349 as risk sentiment improved in broader markets. This week’s low was recorded on Wednesday at $60,679, comfortably above last week’s low of $59,104. While the overall trading range was relatively modest, price action helped improve the technical picture in the near term.
The recent consolidation has allowed the 200 hour moving average to catch up with the 100 hour moving average. On Thursday, Bitcoin broke above both moving averages near $62,500 and has remained above them since. The 100 hour moving average has now crossed the 200 hour moving average, with the 100 hour moving average currently at $62,620 and the 200 hour moving average at $62,342. These levels represent important support for identifying risks ahead of the weekend. As long as the price stays above them, buyers can maintain control and keep the door open for further upside.
The decline from the high of May 6 to the low of June 5 sent Bitcoin down nearly 29%, leaving plenty of room for a corrective bounce. On the upside, the next major target area is between $64,197 and $64,955 – essentially the $65,000 area. A sustained move above that area will increase bullish momentum and shift traders’ focus towards the 38.2% retracement of the May-June low at $68,168.
On the downside, a return below the 100 and 200 hourly moving averages would weaken the improving technical outlook and have traders looking first towards this week’s low at $60,679 and then last week’s low at $59,104. These levels remain key support targets if sellers regain control.
