bitcoin
Bitcoin

Bitcoin Comeback after 47000$ Plunge

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.

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.
BTC Analysis

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.

btcchart2
BTC Analysis

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.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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