bullish

Bitcoin

<ul class="wp-block-list">
 <li>Bitcoin’s current price correction could drop it to $52,000 before a potential rally past its all-time high above $80,000.</li>  
 <li>Indicators show Bitcoin’s bullish trend remains intact, with room for correction as it eyes a new high beyond $73,739.</li>  
 <li>RSI points to neutral momentum, suggesting Bitcoin has space for growth without hitting overbought levels, fueling optimism for a rally.</li> 
</ul>  
<p>Bitcoin recently experienced a price rejection near its previous all-time high (ATH) of $73,739, sparking speculation of an impending correction. Currently priced around <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">$69,408</a> on the 1-day chart, Bitcoin failed to sustain momentum at this resistance level, hinting at a possible corrective phase before it resumes its upward trajectory. According to a recent analysis, Bitcoin may undergo a WXY or ABC corrective pattern, which would entail a decline in price followed by a fresh rally.</p>  
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  https://twitter.com/mdtrade/status/1852788768303931894
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<h2 class="wp-block-heading" id="h-expected-correction-and-key-levels">Expected Correction and Key Levels</h2>  
<p>The chart reveals a potential decline toward support points A and Y. Initially, Bitcoin may drop to point A near $60,000, where it could experience a short-lived rebound. However, further declines could ensue, pushing Bitcoin down to point Y, located around the $52,000 level.&nbsp;</p>  
<p>Point Y represents a potential bottom in this correction phase. This downward movement aligns with either a WXY or ABC pattern, both suggesting Bitcoin will test lower levels before a bullish reversal.</p>  
<p>The chart’s moving averages support this outlook. The 50-day moving average (MA) remains above the 200-day MA, indicating a long-term bullish structure. Despite the short-term dip, the prevailing trend suggests a favorable outlook for a future rally.</p>  
<h2 class="wp-block-heading" id="h-indicators-and-bullish-resurgence">Indicators and Bullish Resurgence</h2>  
<p>Several technical indicators further highlight this anticipated move. The Relative Strength Index (RSI) currently sits at 57.51, <a href="https://cryptonewsland.com/bitcoin-nears-60k-resistance-amid-bullish/" target="_blank" rel="noopener noreferrer nofollow">indicating neutral momentum</a>. Besides, this RSI reading below the overbought level of 70 suggests Bitcoin has room for both correction and potential growth without reaching overbought conditions. RSI will be a crucial indicator to watch for shifts in momentum during both the corrective and bullish phases.</p>  
<p>Once Bitcoin completes its corrective wave near point Y, analysts project a rally that could lead to a new ATH. This potential breakout would surpass the $80,000 level. Moreover, the blue upward arrow on the chart signals optimism for <a href="https://cryptonewsland.com/bitcoin-consolidates-near-67000-as-global-markets-show-mixed-performance/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s long-term performance</a>. Consequently, traders may interpret the ongoing correction as an opportunity to accumulate Bitcoin before the next rally begins.</p> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-nears-support-levels-is-a/" rel="noopener noreferrer nofollow">Bitcoin Nears Support Levels, Is a Big Bullish Rebound on the Horizon?</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitcoin Nears Support Levels, Is a Big Bullish Rebound on the Horizon?

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