After facing strong resistance at $57k, Bitcoin fell back to $50k. But bears could not take control of the market any further. They lost power, and bulls were back to recover the market. And since then, Bitcoin has constantly climbed up and is currently trading at $55k. The market is recovering, and the path towards $60k seems likely now. But still, there are a lot of key levels one should be looking out for. I almost forgot to ask, Did you buy the dip? Tell us in the comments below.
Bitcoin market recovery
With so much going on in the crypto market, recovery was sure. And sooner or later, the price of Bitcoin was expected to climb back above $55k and ultimately even $60k. But to reach that $60k price point, one of the key levels that Bitcoin could struggle at is $58k. It has already fallen twice from $60k and once from $57k, and another fall could be devastating for the market. And even if it is able to cross the $58k price point, sustaining at $60k and $62k will be very important and obviously much difficult. In order to do that, we will need very high buying volume, which can come from institutional purchases.
Even technical indicators are showing positive signs for Bitcoin in the short term. The RSI(14) shows a bullish trend in the near future, and even an upward slope can be seen at the 60-level as buying increases. And as Bitcoin has also climbed back above $55k, recovery is near. But there are always two sides of the coin, and we could even see another bear market if prices don’t sustain above $55k.
And a downside move or a bearish market could push back the price of Bitcoin to $54k. We have a major support level there, and if broken, $52k and $50k are unavoidable. Even though the market seems bullish, there can a sudden change in market sentiments, as we have seen earlier. In the long term, key support levels are $48k, $46k, and $44k, respectively.
Bought the dip?
Many reports have come suggesting that a lot of mass buying has happened at lower levels. And it sure was a good opportunity for many who wanted to invest in the long term. Buying such dips can be a good way to average the pricing of the previous purchases. It will also help you make as much profit as possible. Even I bought the dip at $53k, and I am quite happy about it. Just a thought: I think that the recovery of Bitcoin is unavoidable and it reaching new heights is very probable.
What are your thoughts on the short-term recovery of Bitcoin? And do you think we are on the way towards $60k? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also, Read: Kentucky formulates new laws to provide tax exemption to crypto miners.
