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Here is the forecast on Bitcoin price analysis that makes BTC bounce back after the SEC drama
Bitcoin, the top cryptocurrency, has lately found support near US$26,200, sparking anticipation about a possible price rebound. This support level has been strengthened by the existence of strong candlestick patterns and technical indicators, indicating that the negative attitude may be diminishing.
However, the market remains volatile, and it is critical to determine if Bitcoin can regain momentum and continue its upward trend.
In this Bitcoin price forecast, we will look at the elements that are impacting Bitcoin's present position and if a rebound is on the way.
Bitcoin Price Prediction
Bitcoin, the biggest cryptocurrency, has found support around the US$27,200 mark during the Asian session.
On the hourly period, we have doji candles and a hammer candle, indicating a fading bearish bias and likely selling exhaustion.
This emphasizes the importance of the US$27,200 level as a key support level for Bitcoin.
The relative strength index (RSI) and the moving average convergence divergence (MACD) indicators, however, differ.
The RSI is presently in the oversold territory, but the MACD is still in the buying territory.
Furthermore, the 50-day exponential moving average works as resistance at US$27,500, putting pressure on Bitcoin. As a result, it is best to wait for a breakout from the present range.
If Bitcoin falls below US$26,200, it might continue its downward trajectory towards US$25,400.
A verified breakout might create further selling chances, perhaps driving Bitcoin to US$24,750.
If Bitcoin can maintain above US$26,200, it may be able to hit the next resistance levels at US$26,000 and US$27,400.
However, breaking beyond the US$26,500 barrier is critical.
The present candlestick patterns, notably the hammer candle, indicate investor anxiety about the cryptocurrency's trajectory. As a result, it is critical to wait for and watch any fundamental occurrences that may affect the price.