What’s Next for Bitcoin Price After Its Recent Rise?

Bitcoin price has been on a steady decline since last August, with the coin falling below several key support levels.

However, the cryptocurrency is starting to show signs of a potential recovery, with Bitcoin rising over $4,000 yesterday.

Does this signal additional bullish moves ahead?

Bitcoin price technical analysis:

Technical analysis by analyst: Edris Derakhshi

Daily curve:

The daily chart shows that Bitcoin started to decline after the price rejected the 200-day moving average, which is near the $64,000 resistance level.

The price has since broken several support levels, falling to just above $52,000.

Despite a slight bounce from this level, the overall momentum remains clearly bearish.

As such, the price needs a clear break above the $64,000 level and the 200-day moving average in order to start a new sustainable uptrend.$BTC