Bitcoin (BTC) The price has allowed the bulls to step in to regain its lost value over the past trading days. The price, which fell to a very advantageous level according to many investors and traders, was an important factor in the recovery. While the Relative Strength Index (RSI) shows that Bitcoin is still showing signs of life, it is a full recovery towards $ 45,261 by claiming some critical levels in the process. may be able to see.
Bitcoin Price Continues to Gain Strength
Bitcoin price hasn’t been giving much positive signals for over two weeks, but that seems to have changed now. In this case, the most important catalyst was the dollar and its impact on the BTC price. With the balance in favor of the stronger dollar, the BTC price is currently trading at a very nice discount. If the Bitcoin price dips somewhere below $30,000 this week, expect buy orders to rise fairly quickly and quickly trade higher as the RSI leaves the oversold area, an event proving demand is still strong.
managed to equalize the risks in the general markets. BTC price therefore, it managed to attract the attention of investors and traders once again. On the other hand, the dollar started to lose some of its power in the global markets and created a space for other assets. The $36,709 level will be quite critical for Bitcoin price this week. A weekly close above this level will keep hopes of a rally to $45,261 (200-day simple moving average).
Investors last week Terra (Luna) They may hesitate to buy Bitcoin as they are wary of cryptocurrencies after the crash. Lack of interest could trigger a rejection at the first major hurdle at $31,321. The bears will likely use this level as an entry to pull back the price action and drop below $30,000 again. While the price is sideways, the risk is that the interest rate will drop and Bitcoin price will drop below $28,695 and test $24,000 on the downside.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.