Bitcoin and cryptocurrencies bounce back strongly today
Friday and the weekend saw Bitcoin price action center around the $50,000 level with a few dips to test buyers’ resolve just below $48,000 before we are seeing a strong rebound in the past few hours today, pushing back above $52,000.
Of note, the near-term chart shows that Bitcoin is now trading back above its 100-hour moving average for the first time since 16 April. That indicates buyers are seizing back some near-term control but the 200-hour moving average is still seen @ ~$53,409.
That will be a key near-term level to watch as a break back above that will put buyers back in the driver’s seat, at least from a technical perspective. The semblance of a double-bottom pattern near $48,000 is also something that the chartists can work with.
But psychologically, the hold (sort of) above $50,000 will provide much confidence for dip buyers in the bigger picture of things.