The original cryptocurrency has now lost 2.5% in the last seven days, as well as 5% in the past fortnight, following a recent loss of momentum as the Fed pushed back rate cuts last week .
However, BTC also holds onto a 146% gain in the past year, with the start of 2024 seeing it rally vigorously as ETF demand boosted its price.
And given that it has bounced off its $64,500 support level early this morning, it could be about to make a strong comeback very soon.
Bitcoin Price Bounces at Long Time Support – Time to Buy?
As BTC’s chart and indicators show, the coin looks like it’s beginning to bounce after reaching a bottom.
For instance, its relative strength index (purple) has risen back up to 50 after dropping below 40 this morning, a sign of incoming momentum.
Source: TradingView
And given that the RSI has spent much of the past week below 50, it would seem to be about time that Bitcoin enjoyed a rebound.
The 30-day moving average (orange) suggests something similar, in that it has also been below the 200-day average (blue) for the last seven days.
In other words, the market has seemingly oversold BTC, which has bounced up from its long-term support level (green) this morning.
All signs are therefore pointing to renewed growth for Bitcoin, with the cryptocurrency also witnessing some big buys in the past day or so.
