Recent price movements in Bitcoin suggest that the downtrend may be reversing. Over the past seven months, the cryptocurrency has been trending downward from its all-time high of over $125,000 reached in October. However, in recent days, a mini uptrend has started to form, breaking the resistance of the broader downtrend.
The 50MA has been breached, and price is attempting to move above the 100MA. This could be a sign that sellers are exhausted and accumulation by investors is underway. The volume bars show a large selling candle followed by a strong green candle, which typically signals panic selling followed by bulls aggressively buying the dip.
While there is clear positivity in the market, it's not confirmed by strong buy volume. This is understandable given the recent uncertainty around geopolitics, Fed rates, and the Iran-US conflict. The next support levels for Bitcoin are at $69,800 and $67,500 if price moves down.