- Bitcoin is down 14% from the all-time high above $69K to trade just above $59K.
- BTC’s crash triggered the crypto bloodbath that started early Tuesday morning that has seen the big crypto shed off approximately $10K from its ATH.
- Bitcoin price dip presents a buying opportunity for investors.
Bitcoin (BTC) is re-testing major support walls with analysts remaining optimistic about Bitcoin price long bullish outlook as long it can recapture the $63,000 psychological level.
The current crypto market correction has seen BTC price drop 14% from the November 10 all-time high (ATH) above $69,000 to the current price around $59,759. The big crypto has shed almost $10,000 from the ATH.
The altcoins are also still in deep red with nearly every token in the top-10 still flashing red at the time of writing according to data from CoinMarketCap.
Bitcoin Price Dip To $58K Presents A Buying Opportunity For Investors
Analysist are generally bullish arguing that the current market-wide correction is a healthy that is giving investors an opportunity to get on in the dips.
The four-hour chart shows that Bitcoin price dropped as low as $58,538 before finding buyers who pushed the price back to above $59,000.
At the moment, Bitcoin bears are aggressively defending the accelerated downtrend line as they focus on pulling the price below the horizontal support line at $58,261.
BTC/USD Four-Hour Chart
The Simple Moving Averages (50, 100, and 200) have been flipped to resistance and the RSI has entered the oversold region at 28.25 suggesting that the bears are firmly in control of Bitcoin price.
Moreover, the position of the Moving Average Convergence Divergence (MACD)Indicator below the zero line validates this bearish outlook.
Bitcoin price bullish breakout will be confirmed if the pioneer cryptocurrency is pushed past immediate resistance at $59,557 to close above the accelerated downtrend. This will be the first sign that the selling pressure may be reducing. The BTC/USD price could then rise to $60,000 and later to the 200 SMA resistance at $62,564.
At the moment, the flattening of the moving averages and the RSI means that BTC takes a breather above $59,000 allowing the buyers to regroup and refocus before resuming the uptrend.
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