It looks like the bulls have fully recovered from the price drop below 60000 and are preparing for a new price jump. Bitcoin price has exceeded $63000 and is trading in the rea of 63500 at the time of publication.
On the 4-hour chart, the BTC/USD pair broke up the downtrend line, which was formed as a result of the price decline below $60000. Now the BTC/USD pair is moving in an uptrend well above the 100MA. However, for the growth to continue, the BTC/USD pair must rise above the resistance level of 63500. Further, the BTC/USD pair will meet resistance around $64300. A move above this level would open the door for the pair to the recent high of $67000.
If the bulls cannot overcome the nearest resistance level and the BTC/USD pair starts a bearish correction, it will be stopped by the nearest support level of $61350. A breakout of this level will allow the bears to lower the Bitcoin price to the support area of 60400-6000.
