[Bitcoin holds above $53,000 and shows positive trend]
Selling pressure on Bitcoin has reached its short limits, with prices now back to historical levels seen on July 5. At that time, Bitcoin rebounded from $53,219 to $70,000. Bitcoin price has remained above historical levels over the past 24 hours, currently at $54,013.
If the $52,000 support holds, the Bitcoin uptrend will continue and buyers will try to keep the price above the moving averages. If support breaks down, a pullback to $49,000 is possible. The 21-day moving average (SMA) is below the 50-day SMA, giving a negative sign. If the price breaks above the 21-day SMA, it could signal a return to the uptrend.
Bitcoin tested the 61.8% Fibonacci retracement level during the August 28 pullback and dropped to the 1.618 Fibonacci extension at $53,585. It is still unclear whether the support level can be held, which may affect the subsequent trend.
