Bitcoin bounced from the $60,500-$61,000 support zone and is now testing the Golden Pocket resistance near the 0.618-0.65 Fibonacci retracement area, but analysts remain cautious about calling a full bullish reversal. Analyst Max Trades stated the broader mid- to high-timeframe structure still remains bearish despite the short-term bounce. The cryptocurrency is trading below the 50-day moving average at $65,928, with multiple fair value gaps identified above current price levels at $67,000-$68,500, $71,000-$73,000, and $74,000-$76,000.
Bitcoin Tests Golden Pocket Resistance After Support Bounce
Bitcoin bounced sharply from the $60,500-$61,000 area, showing a strong lower wick that indicates buyer reaction at that support zone. According to Max Trades, the price is now testing the Golden Pocket of the current downtrend, which sits near the 0.618-0.65 Fibonacci retracement area. That zone often acts as resistance during bearish retracements.
Max Trades stated he is not ready to flip bullish yet. He wants to see price revisit the wick area around $61,300 and form a proper low first. If that support holds, another bounce could follow. From there, a break of structure would make the bullish reversal case more realistic. However, if BTC rejects from the Golden Pocket and loses the $60,500-$61,000 area, the recovery setup would weaken again.
The chart sourced from Max Trades on X and TradingView shows BTC reclaiming the $60,500-$61,000 support zone before bouncing sharply from that area. The analyst noted the broader mid- to high-timeframe structure still remains bearish despite the short-term strength.
Bullish Cross Emerges on Daily Chart
Bitcoin is flashing a short-term bullish cross on the daily chart, with BTC recovering from the late-June low area and pushing back above the 10-day and 20-day moving averages. A bullish cross has now appeared near the current range, suggesting short-term momentum is trying to turn back in favor of buyers.
However, the setup is not fully bullish yet. Bitcoin is still trading below the 50-day moving average, which sits near $65,928 and remains one of the first major resistance levels. The chart sourced from SuperBro on X and TradingView also shows several fair value gaps above price. These zones sit around the $67,000-$68,500 area, the $71,000-$73,000 area and the larger $74,000-$76,000 range.
Those gaps could act as upside magnets if BTC keeps recovering. The liquidation map on the chart also shows large leverage clusters above current price, which may attract price if momentum strengthens. Still, buyers need follow-through. A failed move above the moving averages could turn this into another lower-high setup and bring recent support back into focus.
For now, the bullish cross is the main short-term signal. If BTC holds above the 10-day and 20-day averages, the next test could be the 50-day moving average and the first major FVG above.
FAQ
What price levels is Bitcoin currently testing?
Bitcoin is testing the Golden Pocket resistance near the 0.618-0.65 Fibonacci retracement area after bouncing from the $60,500-$61,000 support zone. The cryptocurrency is trading below the 50-day moving average at $65,928.
Why are analysts cautious about calling a bullish reversal?
Max Trades stated the broader mid- to high-timeframe structure still remains bearish despite the short-term bounce. He wants to see price revisit the wick area around $61,300 and form a proper low before confirming a bullish reversal.
What are the key resistance levels above Bitcoin's current price?
The chart shows several fair value gaps above current price at $67,000-$68,500, $71,000-$73,000, and $74,000-$76,000. The 50-day moving average at $65,928 is the first major resistance level.
