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With bitcoin (BTC) slipping below the $60,000 mark, there’s speculation that the cryptocurrency correction could be transitioning into a bear market. The lackluster debut of spot ETFs in Hong Kong, coupled with concerns over interest rates, has provided ample motivation for traders to offload their holdings. Despite this fluctuation renowned crypto trader Captain Faibik sees a bullish rally in the coming days.
Bitcoin Faces Critical Test at MA100
Bitcoin (BTC) is once again at a critical juncture as it tests the crucial Moving Average 100 (MA100) level on the daily chart. This level has historically served as a significant support zone for the leading cryptocurrency.
The MA100 is a widely followed technical indicator in the cryptocurrency market. It represents the average closing price of an asset over the past 100 days, providing traders with insights into the long-term trend. Bitcoin has a history of finding support at the MA100 during bull markets, often leading to significant price rallies.
Meanwhile, analysts believe that if Bitcoin manages to bounce back from this level, it could signal the start of a bullish rally in the coming days.
Bitcoin To Bounce Back
Further into analysis, a notable observation is the daily Relative Strength Index (RSI), which has been trending below a multi-month trendline. This development suggests a temporary weakening of bullish momentum, prompting caution among traders. However, many analysts interpret this as a precursor to a potential bounce-back in Bitcoin’s price.
Captain Faibik’s assessment aligns with this sentiment, as he anticipates a rebound towards the $68,000 mark in the coming days. This projection has garnered attention from the crypto community, with investors eagerly awaiting Bitcoin’s next move.
Despite short-term fluctuations, the overall sentiment surrounding Bitcoin remains positive, fueled by ongoing institutional adoption and increasing mainstream acceptance.
Bitcoin Price Analysis
As Bitcoin tests the MA100 once again, the cryptocurrency market is at a crucial juncture. The outcome of this test could have significant implications for the direction of Bitcoin’s price in the near term.
As of now the price of Bitcoin stands at $59,982, reflecting a marginal decline of 5.17% over the past 24 hours. However, amidst this dip, trading volume has surged by 42%, reaching $38 billion, while the market cap remains stable at $1.18 trillion.