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Bitcoin has bounced back from the downtrend and is following the uptrend. Its 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 $58,000.
As per one of the analysts, there is a big chance of Bitcoin price remaining bullish provided the support levels hold well.
Bitcoin(BTC) Technical Analysis
With a Market capitalization of $1.085 Trillion, it has been trading at $58,196.07 and saw a 1.92% dip in the last 24 hours. The transaction of Bitcoin accounted for almost $49 Billion in the last 24 hours.
Bitcoin has been volatile with a 24 hour high at $58,535 and a 24 Hour low at $56,477. But what is interesting is to analyse the direction of the momentum of the Bitcoin market.
BTC/USD technical analysis turned bullish as soon as it hit the low and bounced back a couple of days ago. The Resistance Strength Indicator (RSI) is also returning from the oversold condition and leaning towards a formulating bullish trend at 55.
The volume has lessened as investors wait for Bitcoin to substantiate the escape past $60k. Nonetheless, if support at $57,600 ceases to function, Bitcoin could plunge lower to experiment with $57,000 again.
According to the pattern, as formed, an analyst predicts a small consolidation and bounceback. 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 $57k.
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.
Bitcoin 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: $57.6k, $57k