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Bitcoin’s price has been accustomed to setting fresh all-time highs nearly every two weeks. However, over the last week, the coin has been exposed to increased bearish pressure, resulting in a price drop close to the $52k mark. Although a turnaround run is underway, the issue of how fast Bitcoin will retake its spot over $60k is critical.
Bitcoin was valued at $55,132 at the time of publication, with a 24-hour trading rate of more than $53 billion. The coin’s price dropped by more than 5% over the last week, but the last day’s upward price trend seemed encouraging.
Bitcoin 1-day chart
After the beginning of the month, Bitcoin’s price activity has been limited to two levels: the upper limit, which serves as a high resistance, is near $60k, and the support is near $50k. Similar pricing activity also occurred in the last few days, with Bitcoin hitting $51,178 before reverting to its current pace.
Interestingly, a small drop in bullish sentiment was seen on the daily chart in contrast to what was seen a month earlier. Over the next week, the coin is expected to re-test the $60k mark and hold a spot near to the ATH, assuming that the new support is not flipped to resistance in the next 24-48 hours.
The technical indicators for Bitcoin paint an intriguing picture, highlighting a major drop in bullish momentum. The MACD predictor displayed a bearish convergence at the start of the week, suggesting that a turnaround is not inevitable. The signal line is now descending, and the MACD line is beginning to rise; however, a pattern reversal is impossible in the near term.
The RSI measure, on the other hand, seemed to be more positive for Bitcoin. The indicator seemed to have stabilised in the neutral zone after moving away from the oversold zone, indicating that the seller’s market had ended. This suggested a neutral view, with Bitcoin set to retain its current position and probably climb much higher in the charts over the next 5-7 days.
Bitcoin’s market activity appears to have stabilised as a result of the high support level it has built around the $52-$53k price point. The coin’s upward momentum could fuel a move back to a level above $60k if it is not subject to a price reversal in the coming days.