Bitcoin Reclaims Lost Ground After Sell-Off
Bitcoin (BTC/USD) has made a recovery after experiencing a rapid sell-off. The cryptocurrency reached the 27646.29 area, bouncing back from the 27160.47 area. During the sell-off, stops were triggered below the 27620.10 area, which was a downside price objective related to recent selling pressure. Additional stops were also triggered at various levels.
Upside price objectives for Bitcoin include the 28769, 29151, and 29964 levels. However, there are areas of technical resistance and potential selling pressure at levels such as 28614, 28769, and 29228.
Areas of technical support and potential buying pressure for Bitcoin can be found at levels including 27241, 27124, and 26699. Stops are accruing below some downside price objectives as well.
Technicians are closely monitoring the 50-bar MA (4-hourly), which is indicating bullish activity above the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The same bullish indication is seen with the 50-bar MA (hourly) above the other MAs.
The nearest price activity for Bitcoin is around the 50-bar MA (4-hourly) at 27027.03 and the 50-bar MA (hourly) at 27593.01.
Technical support is expected around levels such as 24440.41, with stops expected below. Technical resistance is expected around levels like 31986.16, with stops expected above.
In terms of technical analysis, on the 4-hourly chart, SlowK is bullish above SlowD while MACD is bearish below MACDAverage. On the 60-minute chart, SlowK is bearish below SlowD while MACD is bullish above MACDAverage.
Hot Take: Bitcoin Bounces Back After Sell-Off
Bitcoin has managed to reclaim lost ground after a rapid sell-off. The cryptocurrency reached a key area of support and has since recovered, triggering stops along the way. However, there are still areas of resistance that Bitcoin needs to overcome in order to continue its upward momentum. Technicians are monitoring various technical levels and indicators to gauge the market’s direction. Overall, Bitcoin’s recent bounce back shows resilience and potential for further growth.
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