Bitcoin price could fall again before the slow bull phase begins

Bitcoin price has rebounded to nearly $ 50,000 as traders take into account recent events. The BTC / USD pair was less volatile as it rose to $ 49,777. At the time of writing, BTC is changing hands at $ 48,892.

BTC / USD 4-hour chart | Source: TradingView

Bitcoin price could fall again before a slow spike

After BTC fell to $ 41,900 early Saturday, BTC has stabilized as the market unearths the last massive debt write-off for Bitcoin this year. However, for some there is every reason to be cautious and not fall back to long-term lows.

Lex Moskovski, CEO of Moskovski Funds, forecast the outlook for Bitcoin as follows in a comment:

The source: Lex Moskovski / Twitter

Now, that indolence doesn’t lack significant levels of support to recover: $ 50,000 and a market cap of $ 1 trillion just over $ 53,000, plus many previous all-time highs.

In late September, when BTC / USD last traded at $ 42,000, there was also a test of the 200EMA and the severity of the drop is still less than the previous ones. in the history.

A look at the status quo of the derivatives markets shows that the financing rates at the time of going to press are either neutral or slightly negative, a clear difference compared to a few days ago. A significant portion of the open positions in futures were written off during the depreciation period and crypto accounts valued at over $ 2.5 billion were liquidated.

For commentators, the question now arises whether the frost has been removed enough to ensure steady growth again. Meanwhile, Bitcoin’s weekly close is its lowest since early October.

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