Crypto
Bitcoin trades to new highs for the week, but backs off
Forexlive2026.06.12
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. This article was written by Greg Michalowski at investinglive.com.
