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Bitcoin has been very volatile in the last week and plunged to $55,000 from $60,000. Although it has started rebounding back after the low and is trading at $57,000.
As per one of the analysts, there is a big chance of BTC price remaining bullish provided the support levels hold well from $50k to $60k.
Bitcoin has been volatile with a 24 hour high at $58,152 and a 24 Hour low at $55,444. But what is interesting is to analyse the direction of the momentum of the Bitcoin market.
Bitcoin has been volatile with a 24 hour high at $58,152 and a 24 Hour low at $55,444. But what is interesting is to analyse the direction of the momentum of the BTC market.
Bitcoin Technical Analysis
BTC/USD technical analysis turned bearish as soon as it hit highs slightly above $60k. The Resistance Strength Indicator (RSI) is also returning from the oversold condition and leaning towards a formulating bullish trend at 65.
The volume has lessened as investors wait for BTC to substantiate the escape past $60k. Nonetheless, if support at $56,700 ceases to function, Bitcoin could plunge lower to experiment with $56,500 again.
The gap between $60k and $56k has elevated the attention of buyers and if tested, Bitcoin could also make a comeback upwards. The major support stays at $56k.
Resistances at $58k and $60k may act to hold the prices down, but as per the Bollinger band, the upper band and the lower band are converging, indicating a big move in the upcoming trading sessions. MACD indicates Bullish to neutral levels.
BTC being the biggest cryptocurrency in the world also attracts Big whales and institutional investors. Hence sudden pumping and dumping can affect the volatility, trends and eventually the prices of Bitcoin.
Resistance: $58k, $60k.
Support: $56.7k, $56.5k