BTC hovers around a key support/resistance level

Bitcoin rebounded after last week's sharp drop, regaining its footing above $62,000 and currently trading between long-term support and its first resistance level. Buying has temporarily slowed the decline, but the weekly weakness has not yet fully reversed. ETF fund flows, futures position changes, and geopolitical tensions remain the main factors influencing prices going forward.

200-Week Moving Average as a Key Level

Bitcoin closed above its 200-week simple moving average (SMA) around $62,800. At this stage, $62,800 is considered a short-term support/resistance level. If the price continues to hold above this level, the market may retest the $64,000 to $64,200 area; if it falls below this level again, the focus may return to $60,000 and the previous low of $59,100. A break above $64,200 could trigger short covering; a break below $60,000 could trigger a short squeeze.