Amid the short-term market correction, #Bitcoin ’s price remains steady at key support levels. With an intraday recovery, BTC’s price suggests the possibility of an extended rally to offset recent declines.
Bitcoin Price Analysis
The second consecutive bearish candle in the daily chart caused the BTC price to drop further yesterday following the 3.69% drop on Monday. However, the low price action in the daily candles led to an intraday recovery of 0.97%, with the opening price at $96,658.
On the 4-hour chart, lower price rejections signal a bullish reversal from a long-standing support trendline. The recovery is now approaching the 23.60% Fibonacci level at $98,378.
Bitcoin’s price is currently $97,588, beginning a bullish recovery from a morning star pattern near the support trendline. The rally is now preparing to challenge the local resistance trendline.
This creates a triangle pattern on the 4-hour chart, compressing the trend momentum. With the bullish recovery, the MACD and signal lines on the 4-hour chart are poised for a bullish crossover.
