Bitcoin: recovery ahead?
It was another tight week for financial markets including the crypto market. For the second week in a row the crypto market was losing strength, additionally negatively impacted by the liquidation of leveraged positions. At the start of the week BTC was trying to sustain the 58K level, however, negative sentiment on the market pushed the price of BTC further to lower grounds. The lowest weekly level reached was at $52.950, when buying orders emerged and brought back BTC to the levels above the $ 54K level.
Interestingly, another strong push of BTC to the lower grounds did not allow for the RSI to reach a clear oversold market side. Instead, the RSI reached the minimum level of 35, leaving some space for lower grounds in order for the BTC market to reach a clear oversold market side. Moving average of 50 days continues to diverge from its MA200 counterpart, after a dead cross was reached some three weeks ago.
Current charts are showing a potential for a modest recovery of BTC in the coming period. However, considering current market sentiment, a stronger move to the upside should not be expected. Levels around the 56K could be tested, but not the higher levels. Still, there is also some probability that the selling pressures will continue for another week.
Interestingly, another strong push of BTC to the lower grounds did not allow for the RSI to reach a clear oversold market side. Instead, the RSI reached the minimum level of 35, leaving some space for lower grounds in order for the BTC market to reach a clear oversold market side. Moving average of 50 days continues to diverge from its MA200 counterpart, after a dead cross was reached some three weeks ago.
Current charts are showing a potential for a modest recovery of BTC in the coming period. However, considering current market sentiment, a stronger move to the upside should not be expected. Levels around the 56K could be tested, but not the higher levels. Still, there is also some probability that the selling pressures will continue for another week.
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