Summary
- Bitcoin could rebound to $98,571 and is experiencing significant short-term volatility.
- Technical analysis indicates that a double bottom reversal pattern and a Morning Star candle pattern suggest potential for an increase.
- The MACD indicator is positive, but market sentiment is cautious, and if the support level is broken, it could fall to $92,573.
An analysis suggests that Bitcoin (BTC) could rebound to $98,571.
On the 26th (local time), CryptoBasic reported, "Bitcoin is experiencing increased short-term volatility, having fallen below the $96,500 support level," and added, "A double bottom reversal pattern has emerged in the hourly chart box range formed during this process, indicating potential price increases." It continued, "The top of the box range is formed just above the Fibonacci 0.236 level at $96,279," and explained, "A Morning Star candle pattern has occurred, suggesting a rebound to the Fibonacci 0.382 level of $98,571." Furthermore, it added, "The technical indicator MACD is also positive."
However, the media noted, "Market sentiment remains cautious," and stated, "If Bitcoin breaks the support level of $95,300, it could fall to $92,573."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit
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