- Price Analysis: Bitcoin buyers tighten their grip as recovery accelerates:

Bitcoin is currently trading at $61,725, continuing its rebound for the third consecutive day. However, Bitcoin still shows a short-term downtrend, trading below the 50, 100, and 200-day exponential moving averages (EMA). The 50-day EMA, around $66,025, the 100-day EMA, approximately $69,818, and the 200-day EMA, about $75,952, indicate that the overall bearish trend persists despite the recent stabilization.
The Parabolic SAR indicator at around $62,200 hovers just above the price, reinforcing the overhead pressure, while the Relative Strength Index (RSI) settling in the mid-40s indicates only modest corrective upward momentum rather than a decisive reversal.

Daily chart of BTC/USDT pair
To the upside, immediate resistance is first defined by the Parabolic SAR at $62,200, while the 50-day EMA at $66,025 represents the next important barrier. After surpassing these key hurdles, the 100-day EMA at $69,818 and the breakout price of the descending resistance trendline near $75,072 converge with the 200-day EMA, forming a broader supply zone that needs to be reclaimed to weaken the prevailing bearish structure.
In contrast, the immediate support level stands at psychological levels at $60,000 and $58,000 respectively. Trading below this price range will leave Bitcoin vulnerable to renewed selling pressure down to a new yearly low.
$BTC ‌