Bitcoin holds strong above $60000! Investors ask what’s next for BTC price?

Although Bitcoin has shown signs of a short-term rebound, the overall technical outlook remains cautious. At the time of analysis, BTC was trading near $60,079 on Bitstamp, up roughly 3 percent in the last 24 hours. Still, most technical summaries indicate that the bearish trend has not been entirely reversed.

Recovery in technicals, but direction is still unclear

According to TradingView data, the composite technical view generated 13 sell, 10 neutral, and 3 buy signals. While this distribution points to a generally neutral stance, there remains a clear sense of downward pressure in the market. Even so, the latest recovery has brought a partial improvement to short-term sentiment.

Momentum indicators suggest a more balanced picture. The oscillator summary is reading 0 sell, 9 neutral, and 2 buy signals. The RSI remains at 38, above the oversold threshold of 30, while the stochastic %K hovers near 20. This setup hints that selling pressure may be losing steam. Both MACD and Momentum indicators are also sending buy signals at this stage.

Glossary: Elliott Wave Theory is a technical analysis method that argues price moves occur in waves shaped by market psychology. Fibonacci retracement levels are used to gauge potential pullback zones after a bullish or bearish move.

$58800 stands out as key long-term support

One standout technical level is $58,800, which analysts identify as a crucial long-term structural support for Bitcoin. In previous major market peaks during 2021, this zone served as a firm resistance. After breaking above it in early 2024, the region has shifted into a significant demand area.

This key support has also held strong through 2026. In February, the price briefly dipped below, but the June monthly candle closed right around $58,800. The level now aligns with the 50-period monthly moving average. For this reason, many analysts argue that long-term buyers continue to defend this area.

Technical scenario projects a move to $70000 to $72000

An independent analyst on TradingView notes that Bitcoin’s dip below last month’s low may have flushed out liquidity and reached the minimum 0.382 Fibonacci retracement needed for the fifth wave in the Elliott model. If the latest bottom holds, BTC could aim for the $70,000 to $72,000 range in the near term.

Under this scenario, the latest downward move constitutes completion of the C wave within a flat correction formation. Should the support remain solid through July, a new upward channel may open. However, analysts stress this is only one possible outcome and doesn’t constitute a firm prediction.

Moving averages and Fed statements in the spotlight

A key obstacle for any upward push is the resistance formed by clustered moving averages. The short-term EMA and SMA 10 indicators sit between $60,550 and $60,570, while higher time frame moving averages create more formidable barriers between $62,000 and $68,000. The 100 and 200-period averages are located in the $70,000 to $76,000 band.

The pivotal point to watch is around $63,515. On the upside, resistance sits at $68,995, $79,465, and $95,414 while support is observed at $53,046, $47,566, and $31,617. Market participants are also closely following Federal Reserve Chair Kevin Warsh’s statements on inflation and monetary policy. Any new signals from central banks could play a crucial role in shaping the near-term performance of risky assets such as cryptocurrencies.

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