Bitcoin Holds Above Crucial Level — Can Bulls Push A Reversal?
As discussed yesterday, Bitcoin has flashed some critical bearish signals on the daily chart (Check this post in case you haven't read) — a double top, the break of the uptrend, and a bearish MACD crossover.
However, I also mentioned that support at around 63k will play a make-or-break role.
If bulls can defend this level, a bullish reversal despite the bearish signals is possible. Conversely, if the support breaks, there's a big risk of a sell-off towards 52k.
So far, it looks like the bulls won't give up this level easily since the price bounced several times. However, there was also no strong reversal so far.
Moreover, it becomes increasingly evident that the U.S. session is the biggest challenge right now. While the Asian and European sessions have been mainly positive, the sell-off starts when the U.S. wakes up.
Summarized: We must keep watching the 63k level and hope the U.S. will end its summer sales and start buying again. And if you need some motivation to do you can read one of my latest articles: Bitcoin's Biggest Game-Changer: The National Bitcoin Reserve
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Picture Source: TradingView, Crypto OS
