Bitcoin’s bullish run might be short-lived as the crypto has been accommodating more falls since it declined from $56,000. The digital asset had attained the $62,000 mark, but the selling pressure pushed the price to $60,000 before the crypto could take higher marks. This decline led to more falls as the $60,000 mark failed to hold the asset, leading to its fall around the mark.
The asset could hold the $56,000 mark for a while before sell-offs ignite a correction, which makes the crypto’s position at $54,0000. The crypto’s current value is around $54,000, and charts show that there is a possibility of more drastic falls if the market bulls don’t commit to helping the crypto peak.
Bitcoin maintains downward movement
The fall occurred when it failed to maintain the $56,000 mark, but indicators show that the asset is working towards retaking the resistance and then moving to more significant peaks. The digital asset industry is always using every opportunity of a price increase to make a profit before the asset declines rapidly.
The sell-offs have been a major contributor to these problems, and they have made it hard for Bitcoin to sustain earned profits, leading to the continuous issue of price corrections. The asset’s notable resistance holds around $63,000, $65,000 and $67,000. On the flip side, we support $48,000, $46,000, and $44,000 price marks.
The long-term holders did not see the rapid value decline coming when it finally happened. The crypto fell from a peak two days before, which was around the $60,000 range. The crypto had hit the $53,000 mark at some point, making the asset far from its peak.
Since then, the asset has appreciated slightly as it now trades around $54,000, and experts believe that the crypto has a habit of having significant corrections before it overtakes a previous high. Charts show that for Bitcoin to continue the uptrend, it might decline as low as $50,000 before retaking the $62,000.
The market could be on the verge of going bearish
It’s safe to note that the surge could only happen when the price is above the 21-day moving average. If it falls below the MA, it could continue the downward trend. Investors should also note that the technical indicator, RSI (14), is dropping below the 60-level, which means that the crypto could be going bearish, and that would significantly affect asset pricing.
Fortunately, the crypto can sustain an uptrend as long as it moves above the 9-day MA when around the $58,000 resistance. The uptrend could cause the asset to retake the $62,000 point and above higher up the charts.
The support levels around the $48,000 mark are dangerous because it could cause the asset to move into a world of more falls before a rebound could be possible. The market should be prepared for more towards the $56,000 mark as it could jump-start the missing bullish momentum and help the crypto retake significant price points that would help investors record more gains. Still, some chances retaking the $56,000 mark could be a difficult journey for Bitcoin.
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