Bitcoin is about to conclude a difficult week that witnessed a drop of almost 10%. Nevertheless, buyers appear determined to stop this downtrend.
BTC Price Prediction
Examining Bitcoin in more detail reveals that it created a bearish wedge, from which the price dropped on Monday and Tuesday. Fortunately, buyers managed to halt this downtrend, at least temporarily, by displaying resilience at the 58k support level.
This weekend, the price of Bitcoin must continue to rise above the $58K support level. If not, sellers will seize total control of the PA and try to go back to the low $50,000 support level, similar to what happened in early August.
BTC Momentum Remains Bearish
Despite the return of buyers, the weekly MACD’s overall momentum is still negative. The histogram is at least reaching higher lows, even though the moving averages are declining. This might suggest that this downtrend will eventually reverse.
The price of Bitcoin must rise above $64K once more and convert that crucial level into support in order to validate a reversal and turn bullish.
BTC is standing at $59,420 at press time.