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Bitcoin Recovers Slightly From Recent Decline

Bitcoin is currently trading at around $57,000, and this is a 5.78% increase from yesterday’s price point. The digital asset had decline early Sunday morning and had hit as low as $52,000 before regaining some bullish momentum and hitting the $55,000 mark. The crypto has been unstable due to certain factors, such as rapid sell-offs for securing profits.

This growing selling pressure made the coin weak against the resistance, and it eventually breached the $60,000 support level. Some indicators show that the $55,000 mark would ignite new gains, and this could be true as Bitcoin is now moving towards fresh gains after having rapid falls. Bitcoin is not the only coin recovering as other major coins witness a similar increase.

Bitcoin remains very bullish

Despite the sudden price corrections, the technical indicator shows that Bitcoin is still very bullish and would continue its uptrends as the bulls have regained market dominance. This would likely add more attractive gains for its investors.

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The digital asset’s resistance point holds at around $60,000, $65,000 and $70,000. The support level stays strong around $50,000, $45,000 $40,000. This point will likely hold the asset if it breaches any more levels. It’s safe to note that the bullish channels are still dominant and could remain so.

During Sunday’s early hours, the king coin went into a vulnerable position as it went South and breached some solid supports that would have prevented more drastic falls. The bullish channel line beneath the boundaries supported the 14-day SMA, which restarted the lost bullish momentum.

However, the 50-day SMA could be doing the opposite as it pointing below the $50,000 level. Still, another rally might be if the market situation supports new digital asset gains as the overbought region moves in on range 20.

Recent corrections could ignite new gains

The recent declines are due to the growing activities of the market bears, and their presence might be necessary to take the digital asset to more notable points. It’s natural for Bitcoin to retrace after hitting new highs as this has been the situation for most of the asset’s growth and declines.

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Since Bitcoin currently holds the $55,000 support, the current fall might be essential for the coin to take the $70,000 mark. Indicators show that the $65,000 resistance could cause the king coin some problems without stronger momentum. It’s safe to note that the prices are cooling off, which is for declines and gains. The assets have gained some stability and are ready to move to the next price point.

The king coin’s declines might continue if there is a breakdown of its lower channel-line, which could mean that the crypto would return into the bearish zones and lose even more notable value. The coin’s strongest support at this point is the $50,000 mark, and this would keep declines at bay.

If the asset touches the point, there is a possibility of another bull run ignited by the price point. The coin would likely retain its bullishness as market bulls are moving a lot stronger than the bears currently.

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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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