Bitcoin, Technical Analysis – H1
The market has refreshed its local low below the key psychological level of $60,000 and subsequently began the traditional squeeze of late short-sellers.
The market has refreshed its local low below the key psychological level of $60,000 and subsequently began the traditional squeeze of late short-sellers. The ongoing upward correction is likely targeting the $62,800–$63,200 zone, from which a renewed and more aggressive decline may develop.
Key Levels:
□ $60,000 – psychological support (recent low)
□ $62,000 – nearest round resistance
□ $62,800–$63,200 – primary resistance zone
Primary Scenario:
Rise toward $62,800–$63,200, followed by a sharp reversal to the downside.
Alternative Scenario:
Correction completes at the nearest round level of $62,000 and transitions into a new bearish impulse.
Analyst Commentary:
The current rally lacks strong fundamental catalysts. Therefore, selling pressure is likely to resume from any significant resistance level.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.