by Fxstreet
Today the price of bitcoin (BTC) is smoothly returning to a bullish trend to make a CPR for Bitcoin, which has fallen heavily in price last week.
Investors are forecasting a recovery to $45,261 citing the Relative Strength Index (RSI), however this will require some critical levels to be passed.
The price of bitcoin is showing symptoms of recovery after a two-week fluctuation. Now the balance is outweighed in favor of the dollar and BTC is trading at a bargain price. If the price falls below $30,000 for a week, you can expect it to be bought quickly and BTC will trade higher as the RSI shows that there is demand.
At the same time, the dollar slows down, allowing Bitcoin to trade higher, with the critical line at $36,709.19. That is, if we can observe a weekly close above this price, then a rise to $45,261.84 should be expected on the way to the 200-day simple moving average.
However, after the collapse of Terra LUNA, investors may not dare to raise the price of BTC. Bearish sentiment is likely to strengthen after the $31,321.98 barrier is passed. As the price trades sideways, there are downside risks to $28,695 and below.
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