Bitcoin Price Prediction as BTC Bounces at Long Time Support – Time to Buy?

cryptonews.com:

BTC has dipped by 0.5% in the past 24 hours, with the Bitcoin price touching $65,617 on a day when the crypto market as a whole has fallen by 2%.

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.

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.

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.