As a seasoned crypto investor with battle-scarred fingers from numerous market fluctuations, I’ve learned to remain calm amidst the storm. Despite Bitcoin’s 10% plunge this week, I see resilience in the buyers’ actions at the 58k support level – a testament to the market’s unwavering spirit.
Bitcoin is nearing the end of a challenging week, having dropped nearly 10%. However, it seems that potential buyers are resolute in their efforts to halt this decline.
BTC Price Prediction
Taking a more detailed perspective on Bitcoin reveals it had been forming a bearish pattern, known as a wedge, from Monday until Tuesday, which resulted in a price drop. Fortunately, the buyers displayed tenacity at the 58k support line and successfully halted this decline, at least temporarily.
Maintaining the Bitcoin (BTC) price above the $58K threshold is crucial this weekend. If it fails, market sellers may gain dominance, potentially pushing the price back towards the $50K support level, similar to what happened during the early weeks of August.
BTC Momentum Remains Bearish
Despite recurring purchases, the general trend indicated by the weekly MACD still leans towards bearishness. Though the moving averages continue to decline, it’s worth noting that the histogram is forming higher bottoms. This pattern might suggest a potential shift from the current downward trend in the future.
For Bitcoin’s price to reaffirm its bullish trend and break past bearishness, it must surpass the $64K mark once more, making this significant level a reliable foundation for future growth.
BTC is standing at $59,420 at press time.
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2024-08-29 12:10