Bitcoin had been trading in a range of $ 10K for about three months. It came out of that range today. After Elon Musk announced that Tesla would no longer accept BTC for environmental reasons, BTC broke its main support of $ 55,000 and quickly dropped 15%. BTC is now swimming in highly dangerous waters.
Will Bitcoin rise again?
Looking at the chart, we saw that BTC is breaking a long-term trend that has been held for about 6 months. This is not a good sign as too much FUD is spreading about Bitcoin’s environmental impact. BTC should keep a large support range between $ 46,500-48,000 or we could have a massive drop to $ 40,000. As of now, 150MA is holding the price of BTC as it touches this moving average for the first time in 6 months.
If BTC can move above $ 48,000 and hold, a smooth resurgence towards $ 51,400 could be experienced. If BTC holds this resistance, the next rise could be experienced to $ 54,400. BTC has grown over 1000% in one year. However, there is a high probability of further declines before continuing the uptrend.
When we look at the stochastic RSI, we can see that the strength has reset to oversold levels. If it can go above 30, we can expect a revival to a minimum of $ 51,400. The normal RSI also confirms a small uptrend as it is showing a bullish trend.
Bitcoin intraday levels
- Spot price: $ 48,100
- Trend: Bear
- Volatility: High
- Support: $ 46,400
- Resistance: $ 48,000