Bitcoin Price Analysis: BTC/USD stages a quick bounce above $50,000 after the 11% sell-off


The wild ride in Bitcoin continues in Tuesday’s Asian trading, as the BTC sellers are back in control, knocking off prices by almost 11%.

Although, strong bids emerged just above $48,500 levels, prompting the flagship cryptocurrency to stage a quick recovery back beyond the $50,000 mark.

The volatility around the most favorite digital remains elevated, as markets rethink the recent record rally, in the wake of the cautious comments from US Treasury Secretary Janet Yellen, Tesla’s founder Elon Musk and Microsoft co-founder Bill Gates.

Billionaire Elon Musk tweeted last Saturday that its value ‘seems high’ last Saturday. Meanwhile, Yellen said that the granddaddy of cryptocurrencies is extremely inefficient for conducting transactions. Her comments triggered Monday’s 17% flash crash from near-record highs reached at $58,367 on Sunday, as the rates fell as low as $47,821.

Bitcoin holds above the critical 21-DMA support

Despite the renewed sell-off, the BTC bulls have managed to defend the critical support of the bullish 21-daily moving average (DMA) at $47,336. Should the latter cave in, Bitcoin could see a fresh decline towards the 50-DMA at $40,287.  

BTC/USD: Daily chart

On the flipside, the record highs could be back on the buyers’ radars, if they manage to find a foothold above the $50K mark. The critical barrier awaits at the rising trendline resistance of $59,098.

The 14-day Relative Strength Index (RSI) has turned south but holds above the midline, keeping doors open towards the all-time-highs.

BTC/USD additional levels

BTC/USD

Overview
Today last price 50,305
Today Daily Change -4185.82
Today Daily Change % -7.73
Today daily open 54155.99
 
Trends
Daily SMA20 47233.46
Daily SMA50 39930.96
Daily SMA100 30609.45
Daily SMA200 21267.35
 
Levels
Previous Daily High 57567.85
Previous Daily Low 47821.6
Previous Weekly High 56348.35
Previous Weekly Low 45855.52
Previous Monthly High 41987.21
Previous Monthly Low 27772
Daily Fibonacci 38.2% 51544.67
Daily Fibonacci 61.8% 53844.78
Daily Pivot Point S1 48795.78
Daily Pivot Point S2 43435.56
Daily Pivot Point S3 39049.52
Daily Pivot Point R1 58542.03
Daily Pivot Point R2 62928.07
Daily Pivot Point R3 68288.29

 

 

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