$BTC Price Performance - CoinPedia Analytics
Following the massive 3.92% drop on Friday, the Bitcoin price has taken a bullish reversal from a declining support trend line with a lower price rejection. Completing a Morningstar pattern on Sunday with a 1.33% jump, the BTC price is now on the verge of reclaiming the $55,000 mark. However, the loss of critical support at $55,852 marks a definitive loss for bulls. Furthermore, this has increased the chances of a gold death cross between the 50-day and 200-day EMA, as they are inches away from a bearish crossover.Â
A notable bullish divergence is visible in the daily RSI in the past two dips at $53,950. This increases the likelihood of a bullish recovery to retest the 200-day EMA near the $59,300 mark. Based on the Fibonacci levels, the next resistance stands at $58,655 or the 23.60% level. Meanwhile, the support levels are strong at $52,500 and $50,000.
With a solid underlying demand, Bitcoin holds the $50K support and takes early reversal from the support trendline. Further, with the RSI divergence and the growing MVRV ratio signaling a reversal, the BTC price will likely bounce back.Â
Standing on the gates of $55K, the Bitcoin price can find a minor recovery this week. Further, with the increasing chances of a rate cut, the Bitcoin price may soon witness a recovery run. Meanwhile, a death cross will influence a supply surge from price action traders and could retest the $52,500 support.Â
