After an extended period of sideways consolidation, Bitcoin witnessed a downtrend, breaking below the significant support zone of $59K.
However, a notable bullish rebound near the 100-day MA suggests the potential for a resurgence in buying pressure.
Technical Analysis
By Shayan
The Daily Chart
Upon a comprehensive review of the daily chart, it becomes evident that Bitcoin underwent an extended phase of sideways consolidation within the pivotal price range of $59K to $72K.
The recent price action saw a decline, breaching the lower boundary of this range and the 100-day moving average. This bearish movement resulted in the liquidation of many long positions, leading to a cooling-down period in the perpetual markets.
Nevertheless, Bitcoin found significant support at a crucial zone, the 0.618 ($59,395) Fibonacci retracement level, aligned with the vital 100-day moving average at $59K. This region sparked a bullish reversal, raising expectations for a renewed positive trend in the mid-ter
We współpracy z: https://cryptopotato.com/bitcoin-bull-market-resumed-or-is-the-push-to-65k-a-trap-btc-price-analysis/
