By Franklin Smith
Bitcoin sellers stepped up around eth $44K mark, and BTV oscillated around the $40K zone over the past few months. The trend that remained downward since 2021 October might have broken. It was somewhat early for such a guarantee, and for now, BTC hovers in regions of interest for investors. Nevertheless, the question remains, Can BTC rebound higher in the coming months, regardless of the global markets fear?
Bitcoin – 1 Day Timeframe
The cyan boxes indicate some optimistic order blocks for BTC on its daily price chart. There are regions where the crypto dropped to, secured buyers, and registered a bullish impulse. The July one, around $30K, has seen tests in May-June many times. Furthermore, this level represented lower BTC’s range that the crypto explored for roughly 15 months.
The $35K to $37K region might witness demand in the coming few days, triggering an upsurge towards the $41.5K – $42K territory. Meanwhile, the zone at $42K and $44K might witness multiple sellers. Furthermore, $43.7K represents BTC’s long-term range’s mid-point.
Bitcoin has printed higher lows since January. In February, the currency broker the November-January downside’s recent lower peak at $44.5K. Though fear dominated the markets, Bitcoin’s long-term market structure might have switched bullish. Therefore, a $35K revisit might mean a ‘buy’ opportunity.
Reasoning
The Relative Strength Index stood at 45, and the indicator stayed between 40 and 60 within the previous two months. That means the momentum hasn’t favored either side this year. An action beyond either level might represent Bitcoin’s next leg.
The on-balance volume witnessed some demand in January but maintained downtrends since 2021 October, when Bitcoin attained its ATH. While publishing this content, the OBV was again dropping lower.
Conclusion
Indicators and price actions show that Bitcoin can see further downside. RSI moving beneath 40 might mean an impending opportunity to buy BT at or below the range lows. Contrarily, the $44K area might be a sell BTC level. The $43.7K mid-range and $45.8K local peak remains the areas to challenge before considering a shift in the long-term bias.
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