The crypto market is recovering from another bearish episode this morning after $12 Billion disappeared from the global market capital yesterday, and Bitcoin’s price suffered a -7.30% decline.
Bearish traders continued their assault into the early of this morning, driving BTC through its psychological $5,000 support around 02:00 (UTC +1) before meeting bullish resistance at the $4,950 level. Here, sellers quickly capitulated after bullish traders began to return behind the #1 cryptocurrency.
Since then, it appears that buyers have regained control over the asset temporarily and are now attempting to take back the $5,100 level above.
At the time of writing, Bitcoin is currently holding on to a marginal 0.30% gain against the US dollar but is the asset out of the woods yet?
Bitcoin (BTC) Price Analysis
On the 1W BTC/USD chart we can see that the price action is currently sitting in between its main support and main resistance areas.
(Main Support Area: $4,600 and $4,960)
(Main Resistance Area: $5,450 and $6,150)
Despite the recent correction, a number of 1W indicators are showing that...