Analysts say $BTC must hold $61,300 support for lasting recovery as key resistance remains
Although Bitcoin has recently managed to recover some of its short-term technical footing, analysts remain cautious, arguing that it is still too early to declare a sustainable upward reversal. After finding support between $60,500 and $61,000, the price moved back above certain key moving averages on the daily chart. However, there are no decisive signals in broader time frames indicating that the downtrend has truly ended.
Analysts scrutinize support confirmation
According to prevailing market analysis, the first critical zone for Bitcoin lies between the $60,500 and $61,300 range. Renewed buying interest in this area could sustain the ongoing short-term recovery. Still, analysts stress that a strong bounce alone is not sufficient; the price must retest and maintain this region to establish a robust base.
Max Trades points out that the lower wick in recent trading action signals buyer interest, but overall market structure still appears fragile across mid-to-high time frames. The analyst suggests that if Bitcoin returns to the wick region around $61,300 and finds support there, prospects for a more significant trend change may improve.
At the same time, Bitcoin is retesting the so-called Golden Pocket—an area that corresponds to the 0.618 to 0.65 levels on the Fibonacci retracement scale. In technical analysis, this zone often acts as a closely watched resistance point during limited pullbacks in downtrends.
Mini glossary: The Golden Pocket is a term for the 0.618 to 0.65 range on the Fibonacci retracement tool. Technical analysts often monitor this area as a resistance that can challenge rebound attempts during downtrends.
Should the price face rejection from this region and fall below the $60,500 to $61,000 support level, the current recovery narrative may weaken again. In such a scenario, sellers could regain control of the market.
Short-term signals meet resistance
On the daily chart, Bitcoin has managed to climb back above its 10-day and 20-day moving averages, signaling a crossover that could be interpreted as an initial sign of positive momentum. However, until stronger resistance levels are conquered, caution remains the prevailing attitude among traders.
The next major threshold ahead is the 50-day moving average, currently at $65,928. This level serves as the first significant resistance point; if Bitcoin can close above it, further upside gaps may come into play on the charts.
| Technical area | Level | Significance |
|---|---|---|
| Main support | $60,500–$61,300 | Critical for a sustained recovery |
| 50-day moving average | $65,928 | First significant resistance |
| FVG area 1 | $67,000–$68,500 | Initial upward gap |
| FVG area 2 | $71,000–$73,000 | Next resistance area |
| FVG area 3 | $74,000–$76,000 | Wider upper resistance |
Multiple fair value gaps can be identified above the current price, specifically in the $67,000–$68,500, $71,000–$73,000, and $74,000–$76,000 ranges. If upward momentum gathers strength, these areas are likely to become key targets for traders.
Mini glossary: A fair value gap refers to a relatively illiquid price zone created by rapid market movements on the chart. Some analysts believe that prices may eventually revisit these gaps over time.
Liquidity data also highlight significant leveraged positions clustered above the current price. Should momentum intensify, these layers could act as magnets, drawing the price higher. Conversely, failure to hold above moving averages could bring renewed pressure to key support areas.
The post Analysts say $BTC must hold $61,300 support for lasting recovery as key resistance remains appeared first on COINTURK NEWS.
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