It has come into news that Bitcoin has been moving forwards steadily ever since it bounced on the 22nd of June. Till now, the cryptocurrency has managed to come to a local high standing at a sum of $36,623 on the 29th of June. Yet, BTC has not been able to reclaim its previously acclaimed resistance levels. Also, the technical indicators involved with the reclamation haven’t indicated a reversal of the cards in a bullish manner.
Bitcoin Rebound
Bitcoin did manage to rebound quite considerably over the last week where it initially reached a low of around $28,805 but then went on to create a long lower wick. It then proceeded to come to a close above the sum of $32,600 horizontal support area. This is particularly crucial since the cryptocurrency hasn’t yet reached a close to where it stays at the beginning of 2021. Nonetheless, there have been reports of a few wicks breaching that level.
As far as the close of this particular week goes, it has been seen as a hammer candlestick- which is usually inferred as a bullish sign. Most traders believe that despite the closing of the market at a level higher than the horizontal support, most of the technical indicators are bearish even now.
The MACD seems to be negative and decreasing- with the RSI falling below 50- along with the Stochastic oscillator making a bearish cross. Therefore, it can be ascertained that the bounce shown is not enough to signal a reversal of fortunes for Bitcoin.
The daily chart of Bitcoin does put up a somewhat mixed outlook for the cryptocurrency. The token seems to be moving in a range that is somewhere between $31,400 and $40,500. Interestingly, the cryptocurrency has been doing the same since its initial drop on the 19th of May. The token managed to bounce at the support area on the 22nd of June- and has continued to move upwards hence.
