Bitcoin Shows Stabilization, Analysts Eye $64.7K as Key Levels Indicate Potential Upside

• Bitcoin trades above $60K, with a market cap of $1.18 trillion and signs of potential bullish reversal.
• Key RSI and MACD indicators suggest Bitcoin may stabilize, with slight bullish momentum on the horizon.
• Analyst highlights $64.7K as the next target, with Bitcoin recovering from recent lows above crucial Fibonacci levels.

Bitcoin is showing signs of stabilization, with a possible uptrend on the horizon. At press time, Bitcoin was trading at $60,081.23, Bitcoin has experienced a minor increase of 1.46% in the past 24 hours.

Crypto analysts are closely watching key levels as Bitcoin’s market cap hovers around $1.18 trillion, marking a slight gain of 0.79%. Despite a decrease in 24-hour trading volume by 6.71% to $39.73 billion, indicators suggest a possible reversal.

.$BTC
$64.7K next
Invalidation $60k
.

— ⭐RᗩᖴᗩEᒪᗩ 𝗥𝗜𝗚𝗢 ⭐ (@RAFAELA_RIGO_) August 9, 2024

Key Levels and Market Cap Movements

Bitcoin’s market cap has fluctuated between $1.176 trillion and $1.219 trillion. At the time of writing, it stands at $1.183 trillion, a decline of 2.87% from previous highs. This fluctuation highlights the current instability, but certain technical indicators point to potential stabilization.

The RSI currently stands at 45.92, signaling neutral to slightly bearish momentum. Although the RSI remains below 50, indicating that Bitcoin is neither overbought nor oversold, this neutral stance leaves room for market shifts.

Source: TradingView

Bearish Momentum and Possible Reversal

The MACD line is below the Signal line, with a value of -13.779 compared to the Signal line’s -15.414. This negative histogram signals ongoing bearish momentum. However, the increasing size of the histogram bars indicates that the bearish momentum may be waning, suggesting a potential reversal or consolidation phase. Bitcoin’s price action has reflected this, with recent candlestick patterns showing a slight upward movement after a dip.

Fibonacci Levels and Short-Term Outlook

On a 4-hour chart, Bitcoin is trading at $60,053.79, just above the crucial 0.618 Fibonacci level at $52,085.96. This level, drawn from a swing low of $51,310.70 to a swing high of $70,099.53, serves as both support and resistance.

Source: CryptoRank

The RSI on this chart is indicating slight bullish momentum. The MACD further supports this outlook, with the MACD line slightly below the Signal line, signaling slight bullish momentum. However, caution is advised as the RSI nears levels that could indicate overbought conditions.

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