- Technical Forecast: Bitcoin indicates a potential bottom formation
The price of Bitcoin rose by 1% so far on Tuesday after a bearish Marubozu candle formed the previous day. However, the rebound from $83,822 on Monday pushed the daily closing price above $86,000, reflecting strong demand between the close on November 22 at $84,739 and the low on November 21 at $80,600.
However, if Bitcoin closes decisively below the level of $80,600, it may test its lowest level in April at $74,508.
The Relative Strength Index (RSI) is at 35 on the daily chart, struggling to stay above the oversold area, indicating intense selling pressure. At the same time, the Moving Average Convergence Divergence (MACD) is losing its bullish momentum and is heading towards the signal line. If the average lines cross, it indicates a bearish shift in trend momentum, triggering a sell signal.
The daily chart of BTC/USDT price.
To regain its upward momentum, Bitcoin is expected to rise above the $92,800 level, which constrained prices last week, avoiding a critical close above it. If Bitcoin bulls reclaim this level, a sudden surge might target $98,200, which is the lowest level recorded on June 22. #JoinGrowthPointsDrawToWiniPhone17
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Aandreu
· 12-03 09:43
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Before00zero
· 12-02 16:46
Disappointing macroeconomic data in the United States and signals of interest rate hikes by the Bank of Japan in December contributed to a risk-off sentiment in global markets on Monday.
The expectations of a rate cut by the Federal Reserve next week could bolster demand for Bitcoin amid moderate inflows from exchange-traded funds.
- Technical Forecast: Bitcoin indicates a potential bottom formation
The price of Bitcoin rose by 1% so far on Tuesday after a bearish Marubozu candle formed the previous day. However, the rebound from $83,822 on Monday pushed the daily closing price above $86,000, reflecting strong demand between the close on November 22 at $84,739 and the low on November 21 at $80,600.
However, if Bitcoin closes decisively below the level of $80,600, it may test its lowest level in April at $74,508.
The Relative Strength Index (RSI) is at 35 on the daily chart, struggling to stay above the oversold area, indicating intense selling pressure. At the same time, the Moving Average Convergence Divergence (MACD) is losing its bullish momentum and is heading towards the signal line. If the average lines cross, it indicates a bearish shift in trend momentum, triggering a sell signal.
The daily chart of BTC/USDT price.
To regain its upward momentum, Bitcoin is expected to rise above the $92,800 level, which constrained prices last week, avoiding a critical close above it. If Bitcoin bulls reclaim this level, a sudden surge might target $98,200, which is the lowest level recorded on June 22.
#JoinGrowthPointsDrawToWiniPhone17