The Bitcoin market just rejected its yearly highs, exceeding $38,400, resulting in an upward recovery. However, a subsequent drop in buying pressure resulted in a small drop below $38,377.
Despite this, Bitcoin bulls are exhibiting tenacity by remaining in the vicinity of recently created support levels at roughly $37,900.
This has sparked concerns of a possible price increase that might push the price above $39,000. However, there is still a major chance of significant negative movement, possibly passing the critical support zone at $35,600.
When examining the present chart, it is evident that Bitcoin's price is reflecting accumulated strength and that a rebound may be imminent, potentially leading to a significant upsurge.
A good trend is further supported by the higher volume of purchases. As of right now, the price action is in accordance with a recent trade setting in which Bitcoin had a 5% dip following new annual highs.
The Relative Strength Index (RSI) also indicates a short-term bearish trend. The RSI's bearish outlook may justify a reversal towards equal highs notwithstanding the initial rejection.
But a "real flush down" following equal high testing could be triggered by the possible bearish presence around these zones, thus vigilance is urged.
Every decline in the price of Bitcoin, despite short-term swings, is seen as a chance, suggesting that the cryptocurrency may be preparing for a big long-term advance. Investors are keeping a careful eye on these events in anticipation of a significant change in the dynamics of the market.
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