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Bitcoin's route and key levels
On Wednesday, the fall in the Bitcoin price saw it close to testing the Bull Market Support Band at $55,831. However, dovish news from the FOMC reversed fortunes as the BTC price slowly rose. If the bulls manage to push BTC above the $59,200 level, it is likely to solidify the recovery. This means that BTC bottomed out at $56,552.
Meanwhile, as the Relative Strength Index (RSI) and Awesome Oscillator (AO) momentum indicators indicate, Bitcoin price remains in the jungle amid falling momentum and rising fall sentiment. Bull Market If the support band fails to hold support, it is possible that Bitcoin will extend the decline towards the $52,000 threshold. Moreover, it is likely to test the psychological level of $50,000 in a dire situation.
Conversely, with the RSI being held well above the 50 average level and the AO still in positive territory, all hope for the BTC bulls is not lost. And the transformation of $59,200 into support will solidify a recovery rally. However, the fall thesis will only be invalidated when the BTC rises above $72,000 and closes.
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