During his speech at the Eastern Economics Forum (EEF) plenary, Russian President “Vladimir Putin” admitted that Russia had become a leader in the crypto industry due to its lavish energy resources. Russia minted 54,000 BTC in 2023 by using that energy and became the leader in Bitcoin mining.
Being the most prominent crypto asset in the world, Bitcoin rules the crypto industry. However, the Bitcoin price could not please crypto enthusiasts with its recent performance. It has been in a correction phase since March.
When writing, the BTC price was trading at $56,586. It displayed a mild change in its trajectory in the intraday session. It has shown a bullish sign at the bottom. So, find out how the BTC coin price may perform in the upcoming weeks.
Bitcoin Price at Major Support Level; Can It Rebound Soon?
The technical chart indicates that the Bitcoin crypto price has kept declining while taking support on a descending trendline since March. When writing, it took support on the trendline and has risen by 6% in a few days.
The BTC price has remained bullish since 2023, but that bullish trend was halted near the $72K mark. Since March, the Bitcoin price has undergone a correction of 22%. However, it has managed to defend the $54K level, which is a crucial support.
CryptoJack (@cryptojack), a cryptocurrency analyst, has shared his opinion about Bitcoin price in an X (formerly twitter) post. He tweeted that the BTC price has bounced back from the $54K support level, and buyers are showing interest.
The price has formed a Triple Bottom and taken support on the $54K level. It has gained bullish momentum at the same level, which could be a bullish sign. The involvement of buyers may lift the price to a new all-time high (ATH).
Can BTC Price Rebound from Major Support Level?
As mentioned earlier, the $54,000 level is acting as a major support for the Bitcoin price. The coin’s price is moving toward the key moving averages from that support level. As the technical chart depicts, BTC’s price has approached the $70K hurdle after every time it took support at that level.
Suppose Bitcoin Price manages to overcome the key moving averages, it can attract buyers. Buyers may eye for a new ATH if the trading volume supports this momentum. This cryptocurrency’s bullish trend might interrupt near the $72K mark, which may lead to profit booing.
Conversely, if the BTC price loses its $54K support level, sellers may dominate the price and bring it down. Here, buyers might panic, and investors may prefer to book profit, which may lead to a bearish momentum.
The RSI, a widely used technical indicator, displayed a buying signal at press time. It generated a bullish crossover with the RSI-based moving average. It was at 44.58 and heading toward the overbought zone. That’s a bullish signal for Bitcoin crypto investors.
BTC Price Forecast
Bitcoin price has shown signs of recovery and a potential bullish trend. The top crypto asset has bounced back from the $54K support level.
It has gained bullish momentum, indicating a possible upward movement. However, it’s essential to keep an eye on the major support level of $54K and monitor the behavior of key moving averages and trading volume.
Technical indicators have shown a buying signal, further supporting the potential for a bullish trend. It will be important to observe whether the price can overcome the $70K hurdle and sustain its upward momentum. Thus, it will reach a new all-time high.
