Bitcoin price plummeted in the recent days and was dropping near the $30k range and even below, but then the price took a rebounding and is above $30k to $35k at the time of writing. The recent dip was below the support line and had the hearts of the investors and traders in their palms as they saw a massive chunk of their investment dipping yet another support level hinting at a massive bearish cycle. But luckily, that has not happened, and Bitcoin is way above the support line at the moment; if the support line holds, and Bitcoin remains but above it, then another bullish cycle could be sourced as above the horizon.
Bitcoin’s Bearish Days might just be Over if it Sticks with the Current Support Levels
The crypto market for Bitcoin has to hold onto the current prices as the candle closes, and in the shaping of the next candle, the prices might have rebounded enough to cater to Bitcoin as a resurrected cryptocurrency that came so close to ruining a lot of investors and is now stable. For the most part of this year, the support has been on $30k, but there was a time when the bear market even managed to plummet the price of the cryptocurrency all the way to $28k.
For Bitcoin to score the next bullish cycle, the cryptocurrency has to close at the end of this week either at $34.5k or higher, and if the cryptocurrency is not able to do so, then it means another bearish cycle, and this time no one knows where it would break. There has been a hammer that has emerged on the weekly charts, and if you don’t already know, a hammer is a single Japanese candlestick that does show extremely bearish moves that are to come in the near future, which was initially blocked by the bulls.
Even when the support for Bitcoin was breached but the bulls still kept on buying, thus lending some ensemble of stability to the Bitcoin market. The emergence of the hammer on the charts could be the final row of a bearish market and the emergence of the bullish market for Bitcoin finally.