Bitcoin price outlook: BTC seeks to bounce off $54k after sell-off

Bitcoin’s rate has bounced off lows of $53,400 after bears tried to send it to yesterday’s lows of $51,540– the lowest price level for BTC since 26 March.

BTC rate bounces to $55,200 after substantial sell-off however bears could still sink it to sustain above $51k.

Since writing, the BTC/USD is seeking to break above the $55,200 resistance degree. The technical overview shows that Bitcoin has yet to get rid of the bears even as bulls target a swift healing towards $57k. The more negative scenario could see BTC cost go south once more, with the other day’s lows of $51,500 the main destination for determined bears.

Bitcoin rate day-to-day graph.

BTC/USD daily chart.

Bitcoin’s expectation on the everyday graph suggests there’s strong assistance at $51,000. The dip from $60,400 to $51,540 was consulted with hostile acquiring and also the candlestick features a long lower wick. The sight right here is that Bitcoin preserves a favorable bias as long as it stays above this line (populated red on the chart).

The bearish viewpoint on the everyday timeframe is likely to reinforce given the MACD is settling listed below the signal line. The daily RSI is also slopping listed below 50 to suggest no immediate happiness for bulls unless view flips.

If it does, a breakout over $56,000 might take BTC to the 20-day EMA at $58,470. The following targets will certainly go to $60k and also recent highs of $62,500.

BTC per hour graph overview.

Bitcoin 1-day rate chart.

The BTC/USD pair has been trading within a declining triangle pattern on the hourly chart. As the chart above programs, the pattern’s resistance line has combated favorable developments several times.

However, the last three hours have seen bulls record some wins as they aim for a break above the coming down trend line.

The technological picture suggests instant stress encounters Bitcoin at the 20-day EMA near $55,243. The hourly MACD recommends a bullish reversal is in play, the RSI continues to be listed below the midpoint despite ticking up slightly. This suggests another battle near the $55.5 k area as well as the 50% Fib level ($ 56,270).

If rates damage reduced, the first support area goes to the 23.6% Fib level ($ 53,776), from where bears might attempt to take another look at the main assistance zone near $51k.

The technological outlook reveals that Bitcoin has yet to shake off the bears even as bulls target a quick recuperation towards $57k. The more adverse circumstance might see BTC price go south once much more, with the other day’s lows of $51,500 the key tourist attraction for figured out bears.

Bitcoin’s expectation on the daily graph recommends there’s strong support at $51,000. The view right here is that Bitcoin preserves a favorable prejudice as long as it stays over this line (populated red on the chart).

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