October 2, 2022

Bitcoin Price Analysis: BTC enormous rebound swings toward $60,000

2 min read

  • Bitcoin’s gruesome weekend session left retail investors liquidated following freefall to
  • $21,246. Positive sentiment prevails as investors believe the bull run is still on course.
  • BTC looks for support at $57,000 while bulls eye liftoff above $60,000.

Bitcoin weekend session massacre left the whole cryptocurrency market bleeding. The retreat from highs above $60,000 toward $50,000 also affected other cryptocurrencies, consisting of Ethereum, Ripple, and Cardano.

A popular investor, Mike Novogratz, had recently alerted that there could be some volatility in the wake of the Coinbase listing on Nasdaq. Following the hyped listing, the flagship cryptocurrency skyrocketed, striking levels marginally above $65,000.

The precise factor for the crash is yet to be validated. Nevertheless, some analysts say that it might be credited to power blackouts experienced in China, which impacted miners who primarily maintain the network. Likewise, some individuals say that the crash happened due to the crackdown on Bitcoin and other cryptocurrencies.

At the time of writing, Bitcoin trades at $57,222 after bouncing off assistance close to $50,000. For now, bulls gaze upon $60,000 but are still far from the just recently attained all-time high of $65,050.

BTC/USD four-hour chart

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BTC/USD price chart
< img class="size-full wp-image-84953" src="https://cdn.coingape.com/wp-content/uploads/2021/04/19094404/A-19-BTC.png" alt="BTC/USD price chart" width="1073" height="587"/ >

BTC/USD price chart by Tradingview Meanwhile, short-term analysis shows that technical levels enhance and propping Bitcoin for liftoff toward $60,000. The Moving Average Convergence Divergence (MACD) remains in the negative area but slowly turning bullish. For instance, the MACD line might quickly cross above the signal line, further sealing the bullish action.

On the benefit, a break above $58,000 is needed to assure financiers that $60,000 is within reach. Additionally, Bitcoin presently holds below all the used moving averages, the 50 Simple Moving Average (SMA), 100 SMA and 200 SMA. A few of these levels should be reclaimed to produce strong assistance levels for gains eyeing $65,000.

Bitcoin intraday levels

Area rate: $57,177

Trend: Bullish

Volatility: Low

Support: $55,000 and $50,000

Resistance: $58,000 and $60,000

The post Bitcoin Price Analysis: BTC massive rebound swings towards $60,000 appeared initially on Coingape.