Bitcoin $BTC is currently trading in the 58.8xx price range, near the important support level of the 200-day moving average (MA200). If BTC does not maintain this level and breaks MA200, the market will officially enter the bear zone, marking a long-term downtrend.

This has worried many investors because huge losses could occur if #BTC continues to fall. However, some technical signs offer hope for a bullish reversal in BTC's price. In particular, the relative strength index (RSI) is at low levels, suggesting that BTC may be oversold. Typically, when RSI hits a low level, this signals that the selling pressure has decreased and the likelihood that the price will increase again is quite high.

Investors are expecting BTC to reverse and increase in price to avoid large losses. Monitoring technical factors and market developments will be very important during this period. Hopefully, BTC will have a strong recovery to bring peace of mind to the investment community.

For altcoins, most have broken MA200 so the possibility of recovery is relatively low.