Bitcoin holds $62,300 support as BTC attempts short-term recovery
Key takeaways
- Bitcoin trades near $63,567 on Friday after rebounding from support around $62,300.
- BTC remains below its 50-day, 100-day and 200-day EMAs, preserving the broader bearish bias.
- The RSI at 46 and a negative MACD signal weak momentum despite the recent stabilization.
Bitcoin (BTC) shows signs of stabilization on Friday after recovering from a correction earlier in the week.
BTC trades around $63,567 after buyers defended the $62,300 support level on Thursday. Holding this area could provide the foundation for a short-term rebound, but the price remains below all its major Exponential Moving Averages (EMAs).
Weak momentum indicators and several resistance barriers above the current price suggest that any recovery may remain limited unless Bitcoin reclaims the $64,488โ$66,604 region.
Bitcoin rebounds from $62,300 support
Bitcoin found support around $62,300 on Thursday before recovering to approximately $63,567 on Friday.
The rebound indicates that buyers remain active near the lower boundary of the current range. However, BTC continues to trade below the 50-day, 100-day, and 200-day EMAs, which are positioned between $64,488 and $72,035.
โฆ Continue reading the full article at the original source below.
