The current market picture is explained by Vladimir Kavetsky, an analyst with Nanny Ventures.
In March, Bitcoin hit an all-time high of $61,844, but failed to hold above $60,000. Last week closed in selling, albeit with a decent bounce from buyers.
BTC/USDT, weekly chart. Data: TradingView.
This week, local bearish pressure persists, but they have not managed to push through $53,000. Bulls are actively stepping in here.
On the daily chart, prices touched the lower boundary of the rising trend line and reversed a bearish candle on solid buying volume, which could bode well for the continuation of the uptrend.
BTC/USDT, daily chart. Data: TradingView.
If the daily candle closes above $56,000 on the back of positive news from Tesla, the probability of the local correction ending would rise substantially.
BTC/USDT, 4-hour chart. Data: TradingView.
For buyers, it is vital to remain above the support in the range of $52,000–$53,000. If this level gives way, the probability of slipping below $50,000 will rise.
BTC/USDT, daily chart. Data: TradingView.
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