- Bitcoin price is heading towards $3,600 after breaking above $3,400.
- Bitcoin has been oversold to great levels; reversal still looms.
There is a glimmer of hope in the cryptocurrency market as digital assets correct higher on Wednesday. The market capitalization has also increased slightly from yesterday’s $107 billion to $110 billion.
Bitcoin has battled for recovery from the lows traded this week around $3,300. The current upside momentum appears strong enough to push the price above $3,600. However, at the moment, Bitcoin has broken above $3,400. Last week’s trading saw Bitcoin fall to lows of $3,200 where the 14-week RSI dropped below the 30 percent mark.
Bitcoin has been oversold to great levels, therefore, warranting a bullish correction. Some experts that Bitcoin has bottomed out and a bull rally looms. However, it is not clear when this bull run will take place.
Meanwhile, Bitcoin is trading at $3,406 after adding 1.77% on the day. As discussed earlier, a move above the trendline resistance. The moving average is limiting the gains on day (50 SMA) while the 100 Simple Moving Average is providing support at $3,385. On the flipside, Bitcoin will find support at $3,300 and $3,200.
BTC/USD 1-hour
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