Hello, welcome to this BTC /USDT 1D chart update by CRYPTOSANDERS.
I have tried to bring the best possible outcome to this chart. Show some support, hit the like button, and follow and comment in the comment section. this motivates me to bring this kind of chart analysis on a regular basis.
CHART ANALYSIS:-The price was repeatedly rejected from the 50-day moving average for several months until the significant resistance level was surpassed, and the 21.7K barrier was reached.
Bitcoin is currently retesting the moving average by forming a pullback. In the event of a successful pullback, another rally toward the 24K level will become a possibility.
On the other hand, a bullish breakout above the 200-day moving average – currently sitting at 23.5K – would theoretically mark the initiation of the new bull run. If the price surpasses this level, demand will presumably return to the market, and the rebound scenario will finally make sense.
However, considering the lower timeframe price action and the on-chain data, a bearish scenario followed by a rejection from this level seems more likely.
This is not a piece of financial advice.
Hit the like button if you like it and share your charts in the comments section.