Bitcoin (BTC) brief analysis – perspective by CryptoDaily
Bitcoin (BTC) saw a significant slump towards the end of the previous week, falling by over 5% on Thursday to $57,097. Friday saw intense selling pressure push the price to a day low of $53,591. However, with investors buying the dip, BTC was able to recover and go back above $55,000 to eventually close at $56,742. The weekend started on a positive note for BTC as it registered an increase of 2.76% to rise above $58,000 and settle at $58,309. However, Sunday saw BTC back in the red, as the price fell by just over 4% to settle at $55,909, slipping below the crucial $56,000 mark.
The current week began with BTC experiencing considerable volatility, reaching a high of $58,284 and a low of $54,337. However, bulls were able to prop up the price back above $56,000, with BTC settling above its support levels at $56,764. The current session sees BTC up by just over 1%, currently trading at $57,345. As we can see from the price chart, bulls are defending the $56,000 and $54,000 levels. If buyers retain control of the current session, BTC could push towards $60,000, the next crucial resistance level. However, if BTC’s support levels are unable to hold the selling pressure should bearish sentiment return, a drop to $50,000 could potentially be on the cards. For any sustained upward momentum, BTC must close above the 200-day SMA, following which we could see a move to the 20-day SMA, which lies around the $60,600 level.
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