Bitcoin Price Analysis: BTC Price Rebounds From 10-month lows; Is $34,000 possible?
BTC price started the session on a muted note and fell lower quickly to retest the levels last seen in July. But, the price recovered swiftly and managed to gain the $32k mark. However, the current price action could be counted as a dead cat bounce in technical terms. The upside bounce seems limited as BTC retreated from the session’s high.
- BTC price crashes below $30k for the first time since July 2021.
- The bullish RSI divergence on the hourly chart suggests a feasible bounce back toward $34,000.
- However, the downside risk remains intact below $30k.
As of publication time, BTC/USD is trading at $31,600 up 5.07% for the day. The most traded and famous cryptocurrency is holding a 24-hour trading volume of $81,110,432,617 with whooping gains of 90%.
A rising volume with the gains in price is generally a bullish sign.
Another important parameter to understand is the Fear & Greed index which further fell to 10 from 11 in the last session due to the panic selling mood among investors.
BTC price remains vulnerable
On the hourly chart, the BTC price has a roller coaster ride since Thursday. In 10-day, the token depreciated by almost 21%. The downward momentum pushed the price near to the multi-month lows as the selling momentum still continued. The major support around $30k is being challenged by the sellers further, a rupture below may lead to an additional drop in price.
Now, a steep fall in BTC price took a pause and is nursing the wounds due expected. The market remains in extended oversold condition demanding a stint of bounce back.
A challenge must be met by the BTC buyers placed at the 50-day ema (Exponential Moving Average) at $32,587. On a successful attack, the horizontal $34,000 level would be the next target for the bulls.
On the opposite side, a rebound in the investor’s bearish sentiment could pull the price lower. A break below the session’s low would fuel the next round of selling in the asset.
The hourly Relative Strength Index (RSI) fell giving bullish divergence supporting the sharp bounce back in the price..
- Bitcoin Should Be At $148,000 To Match With Gold Rally, Says Peter Schiff
- Dogecoin Gets Major Upgrade With Cardinals Index Node Launch, Analyst Predicts 37x Rally
- Coinbase Announces DoubleZero (2Z) Listing Following the US SEC’s No-Action
- Grayscale Staking Ethereum ETF Debuts By Locking 32,000 ETH But Inflows Disappoint
- Pi Network Loses $18B Value in Six Months as Expert Warn of “Rug Pull” Risk
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX
- Bitcoin Price Prediction as Exchange Reserves Hit 6-Year Low—Is $150K Within Reach?
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
