The technical indicators are showing potential signs of a bottom at $55.4K. Bitcoin’s price has built a base of support in the mid $50K area recently, with bullish divergence forming on the 4-hour RSI.
It appears that bulls have stepped in and protected $56.2K, which is a technical level of support. The overall trend in on-chain metrics continues to remain bullish despite the recent volatility.
The Technicals
The longer-term trend and structure remain bullish despite the recent drawdown. BTC has been making higher highs and higher lows since the mid-cycle pullback bottom in July.
In case of another liquidation, it’s important to look for the critical technical uptrend support at around $53.2K. This is a key level the bulls must protect in addition to the confluent support at $53K to $52.7K.
There are near-term signs of a bottom forming with the 4-hour RSI trending higher with the second test of the lows of $55.4K. In the short term, it’s critical for the bulls to protect $55.4K a
We współpracy z: https://cryptopotato.com/bitcoin-price-analysis-was-55k-the-local-bottom/
