Bitcoin Bearish Market Finally Bottomed Out! What Next?

Bitcoin Bearish Market Finally Bottomed Out! What Next?
Bitcoin Bearish Market Finally Bottomed Out! What Next?

The Bitcoin price is currently trading around a very key support region on the Daily timeframe. The price has tested this region on numerous occasions throughout this year and has been unable to break through.

This $28k support also served as a strong base for Bitcoin buyers during the crypto rally to the $65k ATHs and might do so again in the coming days!

Bitcoin Bearish Market Finally Bottomed Out! What Next?
Bitcoin Bearish Market Finally Bottomed Out! Watch this key level on the Daily timeframe

If this support holds again, we might see history repeat itself as momentum and bullish pressure might likely come back into the market and push the Bitcoin price higher in the coming days.

To trade Bitcoin and Ethereum with up to x100 leverage, sign-up to Bybit right now! You can also get up to $600 in deposit bonus when you sign-up and fund your Bybit account with our Bybit link.

Claim up to $600 in Bonus

100x Leverage

Could This Be The Trend Changer For Bitcoin?

Bitcoin Bearish Market Finally Bottomed Out! What Next?
Bitcoin Bearish Market Finally Bottomed Out! What Next?

Ever since the sharp drop from the $65k ATHs, the bearish momentum in Bitcoin has gradually been losing steam. And right now, we are seeing prices just trade sideways most times.

This Bitcoin ranging market gives us an indepth understanding as to what traders are thinking and right now most traders are thinking Bitcoin might just be oversold!

But the big question crypto traders are asking is: Is this the right time to be buying the deep?

Key Levels To Watch!

Key levels to watch for on the Bitcoin daily timeframe

The key level to watch is that Daily $28k support. If the bulls want to take control of this trend they need to hold the $28k support at all costs.

A break of this support could see the sharp sell-off in the Bitcoin price resume again. That sell-off could push Bitcoin even lower to the $18k region!

Final Verdict!

Watch this key level on the Bitcoin daily timeframe
Bitcoin Bearish Market Finally Bottomed Out! Bitcoin potential bullish scenario

The Bitcoin bulls are showing a steady growing strength as the day goes by. This growing strength is pushing both the technical analysis and traders sentiment more into the bullish territory.

If we can see the bullish momentum growth continue Bitcoin might rally massively soon! But for that to happen, the Bitcoin $28k daily support must hold!

Claim up to $600 in Bonus

100x Leverage

Easy Steps From Beginner To Pro Crypto Trader

You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.

PrimeXBT Covesting: Trade Hassel Free

Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 50% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link  PrimeXBT Covesting