The world’s largest cryptocurrency Bitcoin (BTC) witnessed a healthy bounce on Sunday from $40,000 levels after six days of moving sideways. The $40,000 level serves as a key psychological level for Bitcoin below which analysts had warned that it could trigger another major sell-off.
As of press time, Bitcoin is trading at $41,977 levels with a market cap of $794 billion. The BTC price, however, is currently trading at its three-month low and any negativity further can lead to a major downside. So, is the bottom near and are we looking for a trend reversal? Well, anything can happen in the crypto space but here are some indicators that can help us take a nuanced call.
The Bitcoin RSI has been at its lowest levels which might suggest that we are in the oversold territory. On the daily chart, the Bitcoin RSI has reached its lowest in two years. Last time, these levels were seen in March 2020 and May 2021.
#Bitcoin RSI has been this low just 2 other times in the last 2 years. Looks like a bottom is near and bounce due. Let's see 🤓 pic.twitter.com/qhQ1pD8yEl
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) January 9, 2022
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Is Bitcoin Heading to $50K?
There could be strong anticipation that bitcoin could be heading towards $50,000 levels and more. However, it will have to move past some key resistance levels to hit this milestone. Popular crypto analyst CRYPTOBIRB writes:
The most interesting $BTC level for me is $46266 – the main resistance for the entire corrective movement. A strong close above is an early symptom of trend expansion into 50-60k. While at charts: I’m expanding my TA team.
Another popular market analyst TechDev presents a detailed view on Bitcoin impulses and corrections based on historical cycles. He says that there’s still one upward impulse left in Bitcoin before we might be heading to a bear market cycle. In his recent Bitcoin analysis, TechDev writes:
Most likely outcome to me still is another upward impulse, before the start of *downward* impulsive trend, which is what defines a true bear market to me.
1/
My view of #Bitcoin impulses and corrections over the cycles.
We're still in the running correction we've been in for most of 2021.#Bitcoin has not impulsed since February. pic.twitter.com/xbMX8IG4JI
— TechDev (@TechDev_52) January 8, 2022
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