Bitcoin Price Reversal from a Healthy Retracement Level Hints 6% Jump; Enter Today?
In the daily time frame chart, the Bitcoin price showed a sharp reversal from local support of $27000. This sudden change in market sentiment could be associated with the news spread of the First Republic Bank collapse as it faced massive outflow. Amid the US bank crisis in March 2023, the Bitcoin price witnessed a significant rally suggesting its hedge power against the falling banking sector. Can this fresh recovery regain the $30000 mark?
Key Points:
- The Bitcoin price reversal from the 23.6% FIB indicates a higher possibility for uptrend continuation.
- A bullish breakout from $291510 encourages BTC price to a 6% jump
- The intraday trading volume in Bitcoin is $21 Billion, indicating a 37% gain.
Source-Tradingview
On April 24th the Bitcoin price rebounded from a combined support of $27000 and a 23.6% Fibonacci retracement level. The bullish rally driven by the possibility of First Republic Bank collapse surged the coin price by 8% where it hit the immediate resistance of $29150.
A bullish reversal from 23.6% FIB is considered healthy as the excessive selling pressure gets absorbed and the buyers recuperate the bullish momentum at a price dip. However, the buyers would need a bullish breakout with the candle closing above the $29150 barrier to bolster the resumption of prior recovery.
Also Read: 15 New Cryptocurrencies To Buy In 2023
A potential breakout from the aforementioned resistance will surge the Bitcoin price 6% higher to rechallenge the last swing high resistance of $30750.
On a contrary note, any signs of rejection near $29150 could lead to the formation of a new lower high and threaten BTC for longer correction.
Technical Indicator
Moving Average Convergence Divergence: The MACD(blue) and the signal(orange) line curve upwards for a bullish crossover indicating the market trend is reentering the positive state.
EMAs: Aligned with $27000 support which surges the Bitcoin price higher, the 50-day EMA acts as dynamic support during the occasional pullbacks
Bitcoin Price Intraday Levels
- Spot rate: $29070
- Trend: Bullish
- Volatility: Low
- Resistance levels- $29167 and $30750
- Support levels- $27000 and $25250
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