The 1-hour chart on Bitstamp is showing the most constructive signal of the three timeframes in this analysis. Bitcoin printed a sequence of higher highs and higher lows during the most recent session, reflecting short-term bullish momentum. Price recently tested the $62,950 area before encountering resistance, and immediate support sits at $61,800 with stronger backing in the $60,800 to $61,000 range.
The relative strength index ( RSI) on the shorter timeframe has dropped to 24, a level associated with oversold conditions that historically precede sharp relief moves. However, traders tracking the chart should note that price is approaching resistance after a strong move off the lows, which limits near-term upside conviction without a confirmed close above $62,900 to $63,000.