Bitcoin (BTC) Nears Bottom again: Where Will It Bounce Back? Price Analysis

Bitcoin’s (BTC) latest rally failed to make a higher high and now the price is heading back to the local bottom at around $107,000. Is this a sign that the bears are now fully in control, or is this just bottoming price action playing out? One thing is for sure in the Bitcoin price action, and that is the bulls are just not turning up in order to get behind any kind of definitive trend change. Yes, the $BTC price did manage to escape from the descending channel that had been corralling the price down since 15 August, but the breakout was relatively weak, and now the falling price is not that far from the initial breakout level. $BTC breakout rally rolls over) is that the bottom is probably in, although a further dip to $105,000, or even to $100,000 could really help to shake out any weak hands that are ￰0￱ to the thesis, it might be expected that the $BTC price chops sideways from here and that some more price structure is laid down at these ￰1￱ shorter term Stochastic RSI indicators have a fair way to come back down, and as they do so the much more influential weekly Stochastic RSI can continue to find its way to the bottom. 0.618 Fibonacci still perfect support on the daily) is turning over, and the 100 SMA (green line) could be ￰2￱ down, the 200 SMA is continuing to rise, and could act as support in the eventuality that the price falls to this ￰3￱ price has possibly just been rejected for the third time at the 100 SMA, so it is to be wondered if $BTC will come down, at least to the 0.618 Fibonacci level (taken from the entire $98,000 - $124,000 move).

Fighting off the tendency to be bearish here, the positives are that the $BTC price has broken out of the descending channel, the 0.618 Fibonacci is holding support beautifully, and the Stochastic RSI indicators on this time frame are still ￰4￱ support structures in the weekly time frame) is rising and could also receive a retest once again as it did on a few occasions earlier in this bull ￰5￱ next couple of weeks could give a clearer picture of which way this is going to ￰6￱ said, if the price does come down to the region of $102,000 and does retest the 50-week SMA, the resulting bounce could take the $BTC price up towards the 2.618 Fibonacci at $155,000.

Disclaimer: This article is provided for informational purposes ￰7￱ is not offered or intended to be used as legal, tax, investment, financial, or other advice.