Bitcoin Price Encounters Volatility and Rebounds
Bitcoin (BTC/USD) experienced volatility and bounced back from the 35633 level, testing an upside price objective at 35631 related to recent buying pressure.
Establishing a Fresh High and Technical Support Levels
BTC/USD recently reached an 18-month high around 37999 after Stops were elected above the 37516.08 area. Significant technical support and potential buying pressure are observed at various levels, including 33499, 32873, 32561, 31351, and 30837.
Technical Indicators and Analysis
Traders are closely watching the bullish indications of the 50-bar and 100-bar MA on the 4-hourly and hourly charts. The price activity is nearest to the 50-bar and 200-bar MA, while technical support and resistance are expected at specific levels.
Bitcoin Hot Take: Short-Term Shakeout
Bitcoin’s recent volatility and rebound demonstrate its ongoing strength, with clear technical support and resistance levels indicating potential short-term shakeouts for traders. The establishment of a fresh high and support at various levels suggests a robust position, despite fluctuations in the market.
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