from Bitcoin (BTC) price This week started with some red Candles in a row. For a while, there was a fear that we would slip back to $40K, but the local bottom was soon formed. In this article, you can read an overview of bitcoin’s price action over the past week and take a look at a number of important price areas to watch over the next week.
Bitcoin (BTC) Finds Support Again at $44,500
price Bitcoin Opened this week at $47,014 cipher exchange Coinbase initially fell. but the bear They ultimately couldn’t push the price back more than $44,500, which is the price level at which the Bollinger Bands mid-line is located on the daily chart.
This allowed Bitcoin to rally again as of Wednesday. Since then, BTC is up 12%. It seems to last for 12 hours, so it turns back into a green weekly candle. Bitcoin price also does a good job when it comes to negating a bearish case, Named by our analyst Michael in his weekly column.
However, it is still possible that bitcoin will continue to be rejected in this area next week. $50,000 is on its way up and this resistance is not expected to give up easily. It is a price area in which the price found resistance and support several times in the first half of 2021. In short, an important area to watch this week. Above $50,000, $54,000 is the next major area.
Below the $45,000 area is a critical support. These are the fifties Moving Average (MA) And the aforementioned central line in the Bollinger Bands on the daily chart. A move lower than that puts $40K back in supply with potential for further bearish repercussions should Michel’s bearish scenario continue into the next phase.
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