- Bitcoin price sees bulls popping back above $30,000 as it reclaims an important psychological area.
- BTC price is set to break above the high of last week and could rally to $36,709.19 by the end of this week.
- Expect to see a continuing rally with all stars aligned towards $44,088.73.
Bitcoin (BTC) price sees bulls returning to the scene to pick up the pieces from the scattered BTC price that saw slaughter in the past trading days. BTC price quoting at a lucrative discount has made the asset attractive for cherry-picking traders and investors. With the Relative Strength Index (RSI) showing that Bitcoin still has a heartbeat, expect to see a full recovery towards $45,261, claiming back some critical levels in the process.
BTC price set for complete recovery as heartbeat strengthens on the RSI
Bitcoin price is showing signs of recovery after it took a beating for over two whole trading weeks. The most significant catalyst in that case was the dollar and its impact on BTC price. With the balance outweighing, in favour of the mighty dollar, BTC price is currently trading at a very nice discount. Should Bitcoin price drop below $30,000 somewhere this week, expect it to be scooped up quite rapidly and to quickly trade higher as the RSI is leaving the oversold area, proving that demand is there.
BTC price thus sees investors and traders returning after a short hiatus as the dust settles over a few risk events, and some tail risks have gotten deflated. Hand in hand with that, the dollar is backing off, allowing some room for Bitcoin price to trade higher, with $36,709.19 acting as a line in the sand for this week. In case we see a weekly close above there, expect to see a rally next week towards $45,261.84, on the way up to the 200-day Simple Moving Average.
BTC/USD daily chart
Investors could be hesitant to pick up BTC prices after the image of cryptocurrencies got dented last week with Terra’s LUNA crash. Lack of interest could trigger a rejection at the first big hurdle at $31,321.98. Bears will probably use that level as entry to push price action back down and break below $30,000.00 again. As the price trades sideways, the risk is that interest fades and BTC price slips below $28,695 to test $24,000 to the downside.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
XRP price sees bullish momentum accelerate near $3.00 as crypto markets cheer BTC's all-time high
XRP’s bullish momentum has no sign of fatigue with the price approaching $3.00 on Monday. The XRP derivatives market holds steady, with the Open Interest expanding to $8.3 billion.
Crypto Today: Bitcoin strikes fresh record highs, as Ethereum, XRP edge higher
Bitcoin price rallies to new record highs above $123,000 on Monday and is approaching the next key level at $125,000. Ethereum settles above $3,000, bolstered by steady interest from both institutional and retail investors.
SUI Price Forecast: SUI nears $4 breakout after double-digit surge
SUI edges higher, posting double-digit gains on Monday and inching closer to the $4 mark. The DeFi Total Value Locked of SUI hits a record high of $2.20 billion, indicating increased network activity.
Meme Coins Price Prediction: DOGE, SHIB, PEPE eye further gains as Bitcoin hits record high above $122K
Meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) post gains of over 4% at press time on Monday, tracking Bitcoin’s (BTC) upward move above $122,000.
Bitcoin: BTC hits new all-time high and enters price discovery mode
Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.