Analysts predict a potential bounce between $56,000 and $60,000 as Bitcoin tests key support levels,
Bitcoin (BTC) briefly lost its 200-day exponential moving average (200 EMA) this Thursday, which was considered very important support for BTC by traders. Despite this brief miss from fundamental price levels, the analyst who identifies himself as Altcoin Sherpa told his followers to âdon't panicâ as it is âquite common for the 200 EMAâ to go astray for a bit.â
"We likely see some sort of bounce around here to 56k. Expect a lot of volatility and this should be an entry area. but tbd if this is a 'bottom'," the analyst wrote. He added that it is important to see how strong the bounce is, the price could return to the $60,000 price zone. However, an unsustainable move might take Bitcoin back to $56,000 and steal its momentum.
