Bitcoin slumped to 4700$ on April 25, 2021, doing a price correction after making glorious ATH above 64000$.
Bitcoin rose 80% in 2021 as backed by major investors and companies like Tesla. Apparently, Tesla invested 1.5 billion dollars in bitcoin but the rumors are the investment is far more than that.
Bitcoin slumped below $50,000 for the first time since early 05 March 2021 with a wave of selling. The entire crypto market shed more than $200 billion of value in a single day. The price is gaining momentum again as shown in the chart below.
In the first wave, the price rose 58950 and then bounced back to 52961$, as the first wave of the rise. As the second wave is forming, the coin is expected to touch 56320$ before ascend to 60000$ again. If the resistance at the above yellow line broke and the price respected the down yellow line support, we expect it to cross the 60000$ mark in the next wave.
If looked closely, at the H4 timeframe BTC holds the support of 14EMA and 21 EMA which is a positive signal for a long position. Green volume candles are continuously forming though RSI moves side waves.
The chart also confirms an inverse head & shoulder pattern and might jump to 63000 in the coming days.