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Yesterday was the first decent day for Bitcoin in the past two weeks. Bitcoin has suffered a steep drop of nearly 30% from $8500 to almost $6100. After meeting some support near the $6100 mark, Bitcoin bounced yesterday to almost $6600. However, we are back in the red today as bulls and bears take positions for the next move. With today’s drop being on low volume, and stopping as it approached $6300, it is possible we have priced in a bottom for Bitcoin. Many analysts still believe we are set to return to sub-$6k levels but for the moment, the signals are pointing towards bullish movements. If the price can rise towards the $6750 to $6850 level, significant resistance is to be expected.

Bitcoin Daily Chart

The hourly provides a closer look at the price swings which have been occurring in Bitcoins price today. The drop in price slowed down as it approached $6300 but we have seen a significant bounce over the last hour and we are back trading near $6500. The MACD is approaching a centreline crossover to the upside on the hourly, a typical bullish signal.

Bitcoin Hourly Chart
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Key Takeaways:

  • After two week bloodbath, yesterday’s price rise was welcome in bitcoin
  • Price swings have been occurring today but the drop in price stopped as it approached $6300 and the most recent hourly candle is showing a significant rise.
  • MACD is approaching a centreline crossover to the upside on the hourly, a bullish signal.
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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