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.
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.
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.
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