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Bitcoin Holds Support, Bounces to $61.4K
A potential technical breakdown would expose a support level near $54,000.
Updated May 11, 2023, 6:43 p.m. Published Oct 27, 2021, 5:53 a.m.
Bitcoin looks to regain poise during overnight trading, after it avoided a short-term bullish-to-bearish trend change with the help of a crucial support level.
- The top cryptocurrency by market value is trading near $61,400 at press time, representing a 1.4% gain on the day.
- While prices fell by 4.3% on Tuesday, sellers failed to break the support level near $59,800 and confirm a “head-and-shoulders” breakdown on the four-hour chart.
- Chart analysts consider a head-and-shoulders breakdown as a bearish signal. The pattern often yields an extended sell-off to the downside.
- A potential head-and-shoulders breakdown on the four-hour chart would expose support near $54,000.
- Resistance is seen at $63,700, which was the high on Monday. A higher break could take bitcoin to record highs.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Ce qu'il:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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