Bitcoin is showing signs of a possible short-term recovery after a period of sideways movement. It seems the cryptocurrency is consolidating around significant levels of support and the stock market is giving it some support.

The short-term chart is the area of focus for one of the numerous indicators that is currently attracting attention, bullish divergence appears. It's the scenario in which the price keeps ranging lower lows, while the Relative Strength Index (RSI) are making higher lows. This is sometimes a sign of declining selling pressure.

However, Bitcoin still faces important resistance around the $66,000 to $67,000 area. On the downside, the $62,000 level remains an important support zone. Breaking below this level could raise a warning flag for continued declines, however, maintaining above it may keep bitcoin moving sideways or try to slowly recover.

In the meantime the market is taking a deep breath. Bitcoin is showing a few positive signs in the charts, but yet there are more reasons to believe in a big bull move. The price of cryptocurrencies is known to change rapidly, as it does at all times, therefore investors must take the risks into consideration.