July 2, 2022

Bitcoin Price Analysis: BTC Displays A Classic Rebound Off 54K As Corona Virus Uncertainty Lingers

2 min read

< img width=" 952 "height=" 536 "src =" https://cdn.coingape.com/wp-content/uploads/2021/01/13165328/Bitcoin-BTC-Price-Correction.jpg "class="attachment-full size-full wp-post-image "alt=" "design="float: right; margin:0 0 10px 10px;"/ > Bitcoin is currently trading above$57,000 reviving hopes that BTC might get to brand-new record highs before year-end. Regaining last week’s losses activated by the new Omicron Coronavirus variation and worries around policies in India, Bitcoin price crossed above the $58,000 mental level on Sunday nigh and is still up 5.77% over the last 24 hours.

The BTC price forecast remains uncertain for many for the remaining part of the years as fears around Corona stays. Bears still have the choice of making the most of the leveraged bulls against the backdrop of the recent rally.

Versus this background and the month set to end in two days, it is very important to understand how technical will form BTC’s efficiency this week.

Bitcoin Price Bounces Off The 100 SMA

BTC/USD bounced off the 100-day Simple Moving Average (SMA) around $54,202 over the weekend as Bitcoin cost rose to produce a weekly close of $57,248 according to data from CoinMarketCap. With this closure, BTC avoided its most affordable weekly closure in two months.

Keep in mind that restoring the $58,000 level is vital for BTC bulls sustaining the uptrend. At the time of composing, the huge crypto is exchanging hands at $57,410 and is having a hard time to push above the drop line. A break out above the resistance line will see Bitcoin increase to tag the $60,000 psychological level.

The upward movement of the Relative Strength Index (RSI) indication accentuates this bullish outlook.

BTC/USD Daily Chart

Live Chart

Bitcoin Price

However, the RSI is still placed in the neutral zone at 46.01 suggesting that the overhead pressure may still press the BTC cost even more down.

Note that the $60K level remains unblemished even after the rebound as BTC has actually been fiercely turned down from this point considering that flipping it into resistance on November 18.

Nevertheless, there is still optimism from the Bitcoin neighborhood that the possession will close the Month above $60,000. Well, we have less than 48 hours to discover.

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