Bitcoin: Recovery From the 11% Crash In Sight, Is BTC Ready For a Renewed Rally?
Bitcoin crashed by 11% in a single day, and the global crypto market cap is teetering on the verge of falling below $1 trillion.
Analysts believe that BTC may still be on track for a new all-time high (ATH) in 2023, but it needs to stay above $24,800 to remain bullish.
Bitcoin’s price action is similar to what it was in 2020 when it rallied from $18,000 to $60,000.
Bitcoin’s RSI is at its most oversold level since the 2020 covid crash, which is a bullish sign.
BTC is still trading safely atop its 2023 ascending triangle, but it needs to remain above this trendline to avoid a drastic drop to $20,000.
After spending months in a narrow range between $29,000 and $32,000, Bitcoin’s bulls finally gave up sometime last week.
Bitcoin shocked the market, plunging by as much as 11% to the $25,000 zone and pulling the rest of the market down with it