By Alicia Maher
Briefly –
- BTC’s medium-term conditions remain negative. However, the upcoming sessions might see a price bounce.
- BTC/USD market can see buyers’ activities if it manages to maintain over vital supports in the range between $29,150 and $28,600.
- The leading coin has chances to rally towards the zone of interest at $36,000 with a massive technical rebound.
It is undeniable that Bitcoin (BTC/USD) has plunged drastically, losing over 50% of its value since attaining its ATH in April at $65,000. The asset might have its medium-term tech outlook smashed as BTC trades beneath if 50-d and 200-d SMAs at the moment. Some signals suggest that the turmoil is somewhat over. For now, market players anticipate a temporary bounce in the sessions to come.
So, why the optimism? Well, one thing that encourages investors is that the support zone at $29,150 – $28,600 has been crucial in controlling plunges over the past weeks. Keep in mind that the asset has never had its price closing beneath this territory over a year on daily. The chart shows that bulls have stepped up to rescue Bitcoin whenever it tests the region. For instance, over this week, BTC dropped to $29,300 before bouncing quickly to over $32,000 in a few days.
At the moment, analysts suggest that if BTC/USD maintains over the vital support next week, it will launch upside price fluctuations. That way, buyers would re-enter bitcoin’s market, assuming the end of the massive market losses. With that, the coin will remove weaknesses and rally higher. An embodiment of such cases can lead to bullish movements towards vital resistance zones ranging from $35,950 to $36,675.
Various events over the past few days have had a chance to affirm the recovery thesis. For instance, bitcoin received support when JPMorgan decided to allows financial advisors to offer crypto funds to its property management customers. Moreover, Elon Musk encouraged many retail investors that had thought the CEO abandoned this sector. Tesla executive said that his firms still hold BTC.
Indeed, you have to consider bearish scenarios when analyzing market bullishness. With that, if BTC losses ground to fall beneath the tech barriers at $29,150 and $28,600, it will annul all the recovery predictions.
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