Are salespeople burning out? – Selling pressure is reportedly decreasing on the miners’ side, and this could lead to an increase in the Bitcoin price. And this change in behavior comes at the right time, because even if there is solid support around $56,000, we should avoid losing $60,000 to hope for a return to the $70,000 level. In today’s bulletin, we take stock of the Bitcoin situation!
Bitcoin price climbs more than 4% in 24 hours
Buyers reacted at the end of the week. Indeed, the Bitcoin price not only kept the $60,000but he even managed to back close to $64,000. BTC climbs more than 4% in 24 hours :
| Pair | 1H | 24H | 7J | 1M | 3M | 6M |
|---|---|---|---|---|---|---|
BTC/ETH | 0.20% | 0.84% | -1.54% | 0.61% | -8.40% | -4.94% |
BTC/USDT | 0.27% | 4.32% | 1.00% | -6.36% | -4.74% | 40.49% |
Bitcoin performance against different pairs. Source: Coincheckup
With this increase, the price climbs slightly in a weekbut he still down more than 6% in one month. And the BTC/ETH pair, it, 1.5% drop in one week. Also, she stagnates over a month et fall of almost 10% in three months.
Bitcoin price bounces off weekly support at $60,000
By bouncing on the $60,000 weekly supportbuyers are showing that they are once again present at the level of institutional bias (EMA 9/EMA 18) bullish :
To be able to find the annual and historic peaks, it will be necessary break through resistance around $65,000. If the level at 65 000 $ is taken up as support, the price could return to the height of $73,700. In revenge, if the resistance at $65,000 rejects the course, buyers will still have to defend the $60,000.
For its part, the RSI is back on the bullish trendline. This is a level where the momentum indicator could bounce. Buyers could then recover the momentum which they have lost since March.
Bitcoin Price Approaches Resistance at $64,500
After having succeeded in keep the $61,500the price of Bitcoin has broken the bearish trendline. The next resistance is now around the 64 500 $ :
And rejection on resistance could lead to a drop towards support at $61,500. On the other hand, in the event of break of $64,500the price could return to the level of the next resistance at $67,000. The RSI has recently broken the bearish trendlineand that might bring a little bit of bullish volatility. THE Buyers have control of the momentum in time unit 4H.
The Bitcoin price reacted at the end of the week to maintain the weekly support at $60,000. In addition to this, in 4H, the price managed to return close to the resistance at $64,500. A resistance that will have to be crossed to be able to afford access to $67,000. Is the correction over for Bitcoin and for Ethereum which is regaining activity on its network?
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