Bitcoin’s Resurgence Sees It Falling Short Of $36,000

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Bitcoin
Bitcoin

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.