Bitcoin Price Analysis: Bitcoin Bulls Find Respite Along Major Support Lines

Over the last week, bitcoin has seen an aggressive markdown from the $12,000s to the $6,000s — a 50% move in 7 days. Right now, a battle between the bulls and the bears is under way as the market is trying to decide if today’s rally is a temporary bottom or a decisive end to the aggressive bitcoin bear market:

Figure 1: BTC-USD, 1-Day Candles, Macro Trend

To date, the market has broken number lines of support including the daily 200 EMA. The daily 200 EMA has been a strong support for the last few years and has been a pivotal marker when determining the health of the trend. At the time of this article, BTC-USD is testing the macro 61% Fibonacci retracement values shown above. Last night we blew right through that line of support, and today we are attempting to test it from the bottom to see how strong the support has been turned into resistance…

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