Did the Market Buy the Dip? Bitcoin Price Back on Track

Bitcoin-back-on-track
  • Bitcoin price is now back on track after two recent selloffs.
  • Current bitcoin price is $53,673.91
  • According to Twitter user Binancian, price corrections are important in the crypto market.

Bitcoin price appears to be back on track after a bloody week. In fact, a multitude of traders and investors bought bitcoins, helping the crypto find its way back to the bull market. Currently, BTC is back in the ballpark, possibly targeting the $54,000 to $55,500 range.

Bitcoin Technical Analysis

BTC/USDT 30-min price chart (source: TradingView)

In the 30-minute chart above, we can observe that BTC has surged from a scary $47,000 price to $52,000 in just a couple of hours. This shows that the crypto has reached its bottom, at least for the time being. The last time that BTC touched below $50,000 was on March 8, which appears to be a long memory for some.

The Relative Strength Index (RSI) also flipped from an oversold 22.90 to an overbought 73 within hours as well. This shows that a lot of people are beginning to buy large quantities of BTC again. We could almost say that they waited for BTC to take a dip at $47,000 so that they can buy more and secure their BTC position.

Trader: “Corrections Are Important”

It is a well-known fact that cryptocurrencies are very volatile in nature. Those who have been in the crypto space for a long time already know that this asset class tends to experience price surges and corrections more often than traditional assets do. In fact, others even say that corrections are essential.

The person behind the tweet has about 5,300 followers, but he is followed by Binance CEO Changpeng Zhao (CZ) and PancakeSwap.Finance. In fact, the tweet was retweeted by CZ himself.

Meanwhile, if Bitcoin rises to $60,000 again turns the said amount into a strong support level, then what BTC recently experienced is dip, and not a correction. Currently, BTC price is trading at $53,673.91, according to CoinMarketCap.

Disclaimer: The technical analysis expressed in this article does not reflect the views of CryptoNewsLand (CNL). Readers of this article should not take this as financial advice. CNL strongly recommends that all users do their own in-depth research before investing in cryptocurrency.

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