đ Bitcoin's Rollercoaster Ride: A Rebound in Sight? đ
Bitcoin enthusiasts, hold onto your hats! After a rocky ride since late August, BTC has been breaking below multiple support levels. But wait, there's a glimmer of hope! Yesterday, Bitcoin surged by over $4,000, hinting at a potential rebound. Could this be the start of a bullish trend? đ
đ Technical Analysis
Daily Chart: BTC faced rejection at the 200-day moving average around $64K, dropping to just over $52K. Despite a slight rebound, it needs to break above $64K to confirm a bullish trend.
4-Hour Chart: BTC recently broke above a descending channel, aiming for $60K. With bullish RSI momentum, a short-term rally looks promising.
đ On-Chain Analysis
Long-Term Holder SOPR: Long-term holders are taking profits as BTC struggles to break $70K. Continued selling pressure could lead to further declines.
Stay tuned, Bitcoiners! The next few days could be crucial. đ
