Bitcoin Price Pullback To $60,000 Is An Opportunity To Buy The Dip
Bitcoin dropped slightly below $60,000 over the last weekend but recovered almost immediately, touching highs of $63,675 on Monday. Rising overhead pressure made it increasingly difficult for bulls to keep the uptrend intact on Tuesday.
According to live price data by CoinGecko, Bitcoin has been down 3.5% in the last 24 hours but has lost 5.5% of its value in seven days. The retreat has tested support around $60,000, but a trend reversal seems to be taking place.
Bitcoin Dips Become Attractive
Investors are eager to see Bitcoin close $70,000 in the next few days, with some key figures and enthusiasts predicting that the bellwether cryptocurrency will close the year around $100,000. Hence, holders currently use pullbacks to stack up more BTC amid speculations for another colossal upswing.
It is unclear if BITC will have to retrace some more before making the final leap to $70,000. Meanwhile, the Moving Average Convergence Divergence (MACD) indicator displays a sell signal on the daily chart.
This call to sell manifested as the 12-day exponential moving average (EMA) crossed below the 26-day EMA. Furthermore, the downward momentum will gain traction as the MACD drops toward the mean line. It is worth remembering that this technical index follows the trend of the asset and calculates the momentum.
BTC/USD Daily Chart
According to the Relative Strength Index (RSI), bears have the upper and are getting aggressive by the hour. Like the MACD, the RSI tracks BTC’s trend and calculates the strength of the bulls and bears. As the RSI drops from the overbought area, it infers that sellers have more influence.
Nevertheless, these dips will continue making Bitcoin more attractive to investors, allowing them to buy lower amid speculation for higher gains.
Bitcoin Price Intraday Levels
Spot rate: $60,710
Trend: Short-term bullish bias
Resistance: $64,000 and $67,000Source