In our previous analysis, Bitcoin $44k Support Held As Predicted. Watch This Next! we talked about the $51,381 resistance and how it could have a bearish effect on the Bitcoin price in the coming days.
Well, Bitcoin just had a massive rejection from that price area and is already selling-off. But is this a bearish sign of a larger correction to come or can we expect the Bitcoin price to bounce soon?
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$48,682 Key Support
The Bitcoin price is currently testing the $48,682 support region. This region has served as previous on numerous occasions and might do so again soon.
Bearish Price Scenario
A price break and close below the $48,682 price region could signify a deeper dump in the Bitcoin price soon. This dump could push us down to as low as the $44,287 price region we mentioned in our previous Bitcoin analysis Bitcoin $44k Support Held As Predicted. Watch This Next!
Bullish Price Scenario
For the Bullish price scenario, we need to see the $48,682 price support hold. A bounce from this region might be a strong base for Bitcoin bulls to get back into the market and push Bitcoin higher.
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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin chat as well as key fundamental factors that might affect the Bitcoin price in the coming days.
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