Bitcoin pushed higher today, reaching a session high of $64,349 as risk sentiment improved across broader markets. The week’s low was established on Wednesday at $60,679, comfortably above last week’s low of $59,104. While the overall trading range has been relatively modest, the price action has helped improve the near-term technical picture.
The recent consolidation allowed the 200-hour moving average to catch up to the 100-hour moving average. On Thursday, Bitcoin broke above both moving averages near $62,500 and has remained above them since. The 100-hour moving average has now crossed above the 200-hour moving average, with the 100-hour MA currently at $62,620 and the 200-hour MA at $62,342. Those levels represent important risk-defining support heading into the weekend. As long as the price remains above them, buyers can maintain control and keep the door open for additional upside.
The decline from the May 6 high to the June 5 low saw Bitcoin fall nearly 29%, leaving plenty of room for a corrective rebound. On the topside, the next key target zone comes in between $64,197 and $64,955—essentially the $65,000 area. A sustained move above that region would increase bullish momentum and shift traders’ focus toward the 38.2% retracement of the May-to-June decline at $68,168.
On the downside, a move back below the 100- and 200-hour moving averages would weaken the improving technical outlook and have traders looking first toward this week’s low at $60,679 and then last week’s low at $59,104. Those levels remain key support targets if sellers regain control.
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