Bitcoin Rebounds After Dropping To $59,000 Level — Path To New Peak?

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Bitcoin has been trying to change direction from a decline to an uptrend. But after putting in great effort, the cryptocurrency has continued to drop in value for several days, failing to exceed its past record high of $73,833.

Will Bitcoin Continue Upward After This Rejection?

Currently, Bitcoin’s price hovers around $63,846 during my writing, representing a 27% decrease from its record high. However, in the last 24 hours, there has been a minor increase of 0.06%. Despite being below the 100 Simple Moving Average on the 4-hour chart, Bitcoin still stays above this mark when observed on the daily chart.

In the image below, the price of Bitcoin has attempted to surpass the $59,579 support level on two occasions, but has been unsuccessful each time. Previously, when Bitcoin reached this mark, it propelled the price upwards to establish a new record high. Consequently, given that it has touched this level once more, there is a strong possibility that Bitcoin may continue to rise.

The circles in the image indicate the two points:

Bitcoin Rebounds After Dropping To $59,000 Level — Path To New Peak?

Additionally, the chart includes the Relative Strength Index (RSI), which indicates a potential rise based on the RSI line’s gentle ascent above the 50% mark. This implies that buyers remain aggressive in their purchases, dominating sellers in the market.

The MACD chart’s 4-hour reading indicates that Bitcoin could rise. The MACD histograms currently sit above the zero line, with both the MACD and Signal lines preparing to cross above it. This bullish signal is depicted in the following image.

Bitcoin Rebounds After Dropping To $59,000 Level — Path To New Peak?

Possible Trend That Could Play Out

Put simply, if Bitcoin’s price keeps climbing and manages to exceed the current resistance of $67,895.24, it could then aim for its next significant resistance at $73,833.34. And if it passes that hurdle, we might see a new record high for Bitcoin’s price.

Instead of reaching new highs, Bitcoin may actually drop if it can’t break through its previous peak. It could then slide back down to its earlier support level of $59,579.72. If Bitcoin falls below this point, there’s a possibility for an even larger correction resulting in a lower price.

Bitcoin Rebounds After Dropping To $59,000 Level — Path To New Peak?

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2024-04-21 01:41