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Bitcoin Reverses!
#Bitcoin#Bull market#support and resistance+2 more tags

Bitcoin Reverses!

After a 22% downturn Bitcoin (BTC) reverses at the $19,500 and is currently heading higher.

The Details: Over the last two weeks, Bitcoin experienced a significant downturn, dropping by more than 20%.

The Relative Strength Index (RSI) reached oversold levels for the first time since the FTX-induced crash of November 2022.

The RSI is a technical indicator that measures the strength of an asset's price action. When it reaches oversold levels, it suggests that the asset may be undervalued and due for a rebound.

Bitcoin Still Bullish?

As soon as the RSI became oversold, buyers came in and pushed up the price of Bitcoin by 15%. This helped Bitcoin rise above the $21,500 level, which is an important resistance level for the asset.

The lowest level BTC reached in this short-lived downturn was $19,500, which is the midpoint between the two essential levels of $21,500 and $18,000.

Bitcoin (BTC) TradingView 13-03-2023
Bitcoin (BTC) TradingView 13-03-2023
This is significant because sometimes, when the price of an asset is falling, it does not always reach the support level, but rather it stops at the midpoint between the support and resistance.

This also means that the asset is still rather bullish. Therefore, we can expect further gains in the near future.

Bottom Line: In conclusion, Bitcoin experienced a significant downturn over the last two weeks but has since rebounded and is still rather bullish.

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