BTCUSD has been in a steady uptrend since it managed to halt its long-term decline at the 2022 low of 17,588. Even though the price is currently standing above its 50-day simple moving average (SMA), endorsing a bullish short-term picture, the road to a complete recovery remains long.
The short-term oscillators suggest a cautiously positive tone. Specifically, the MACD histogram is positive but below its red signal line, while the RSI is sloping upwards above its 50-neutral mark.
Should buyers propel the price higher, the May low of 25,390 could prove to be the first resistance point. Jumping above this zone, the bulls could aim for 27,950 before the spotlight turns to the 32,375 peak. Failing to stop there, the 40,000 psychological mark may halt any further upside moves.
On the flipside, if positive momentum wanes and the price declines, the recent low of 22,625 might act as the first line of defence. Sliding beneath that floor, the price could challenge the 20,675 obstacle. A violation of the latter could open the door for the 19-month low of 17,588.
Overall, Bitcoin is attempting a recovery, but its long-term bearish picture remains intact. Hence, a jump above the 32,375 region is required to initially shift its medium-term outlook to bullish.
