Bitcoin has experienced a strong decline in the past 48 hours after the rise it experienced at the start of the week that made it to $ 12,000. The leading cryptocurrency is changing hands around $ 10,400 after experiencing a strong $ 2,000 correction that dropped to $ 9,990 on Friday morning.
There are very important reasons why the cryptocurrency may soon experience a strong bounce. Traders are talking about the $ 10,500 level when entering the weekly closing due to the macro importance of this level for BTC’s price movements. If BTC wants to continue its medium-term uptrend, it should bounce soon.
Why Bitcoin Could Be Bounce Soon?
First and foremost, Bitcoin has been oversold and the severity of this fall is reminiscent of the March crash. A trader shared the following chart, which shows that BTC has technically not sold that much since the black swan incident in March:
“Well, both BTC and ETH transactions (of course) have been stopped. I think this is one of the times I have to admit defeat. By the way: RSI hasn’t seen these since the black swan. Crazy things are happening. “