Is Bitcoin rebounding?

[Euphoria22]

BTC:
Breaking down to refresh the previous low point, the bottom of the daily level is a rebound signal of Hammer Yang K + Lianyang standard. In the short term, the rebound is expected to continue at the position near 36100, which is the position of the daily mid-track. So today, we will rebound first, and we are expected to enter. Field position 34800 this position.

[pooya87]

This doesn't look like anything other than the same trend as the past 2 months which is going sideways even though the range became bigger in the past couple of days. The significant level is still $40k and until it is broken we will continue seeing price testing it and coming down then testing it again.

[bittraffic]

Still continue to sideways until the fud ends and if the fud ends while the price didn't drop below like $28000, the possibility to break that $40k is higher. I'd like to think it's going to break the resistance this time after few unsuccessful tries to break out the support line.

Amazing how it quickly goes up after touching the price at 29,000, somebody must have panicked that day.

[Bttzed03]

Still continue to sideways until the fud ends and if the fud ends while the price didn't drop below like $28000, the possibility to break that $40k is higher. I'd like to think it's going to break the resistance this time after few unsuccessful tries to break out the support line.

Too early to tell about breaking resistance. Most retail traders are probably still afraid to buy after the $30K support line was recently broken. It's a waiting game I guess.

Amazing how it quickly goes up after touching the price at 29,000,

The previous attempts to break the $30K support were the same. Price quickly bounced off that area but bears managed to do it last time.

somebody must have panicked that day.

Or a coordinated attempt to push the price down further to accumulate at a cheaper price.

[FairUser]

It is recovering from a strong drop, but personally I am not too optimistic about the short to medium term situation.
In my opinion, after BTC recovers around $40k-50k, it will fall harder.

[DapanasFruit]

This doesn't look like anything other than the same trend as the past 2 months which is going sideways even though the range became bigger in the past couple of days. The significant level is still $40k and until it is broken we will continue seeing price testing it and coming down then testing it again.

I would say the same thing. Until BTC can strongly break the $40K zone, then there will be ups and downs as just as what we experienced the past many days. Anyway, this can be a big opportunity for many good traders to make big money as volatility continues to influence its movement. I heard that whales are on accumulation stage and that is why the general sentiment remains bullish for BTC.

[Xinarae*]

Bitcoin suddenly went down a lot but the price is being corrected again traders are very optimistic and those who have invested to keep prices low will get double the profit bitcoin could see its game again this year. The crypto market is not stable because bitcoin is constantly rolling the bull run will start again at the market.

[pooya87]

Its gone up by 5.1% in the last 24 hours but Dogecoin has gone up by 16.8% in the last 24 hours lol

That's because bitcoin market and its movements are more natural while Dogecoin and other altcoin's movements are based on pump and dumps and it is very easy to pump shitcoins. You are just choosing a random shitcoin (Doge) simply because it was in the news and pumped by a so called "celebrity" otherwise there are other similar shitcoins that get pumped a lot more and are much more profitable than Dogecoin. Two examples of these shitcoins from the past 24 hours are CELO and NANO they got pumped 25% and 21% respectively. And these are among "bigger" shitcoins, there are smaller shitcoins that get pumped A LOT more. For example DVPN got pumped 134%, BTRL got pumped 3173% and so on!

Another difference is that when bitcoin goes up (in long run) it will remain up but shitcoins go up (aka pump) then eventually they come down (aka get dumped).

[slaman29]

BTC:
Breaking down to refresh the previous low point, the bottom of the daily level is a rebound signal of Hammer Yang K + Lianyang standard. In the short term, the rebound is expected to continue at the position near 36100, which is the position of the daily mid-track. So today, we will rebound first, and we are expected to enter. Field position 34800 this position.

Never heard of this terms but I think I get you. Meanwhile we see Bloomberg experts pointing out that Bitcoin is still bearish short and medium term, plus look around and other alts aren't doing so well, which suggests people are moving some of their risk from alt baskets back into Bitcoin. Consolidation for this weekend?

[Kittygalore]

As @pooya87 said, this is pretty much the same trend for the past 2 months so I don't think that it's worth asking if it's rebounding if it's doing the same thing. Goes to show how volatile bitcoin market is, we never know if it's rebounding or doing the same thing but at a different prices.

[pakhitheboss]

We are officially in the Bear market and I do not expect a lot from Bitcoin at the moment. Considering last year at this time when Bitcoin was just above 9k we are well placed this year. The market will trend sideways and I think it will remain the same till September this year. Historically November is the month when Bitcoin starts pumping.

[Cryptoshops]

Its gone up by 5.1% in the last 24 hours but Dogecoin has gone up by 16.8% in the last 24 hours lol

That's because bitcoin market and its movements are more natural while Dogecoin and other altcoin's movements are based on pump and dumps and it is very easy to pump shitcoins. You are just choosing a random shitcoin (Doge) simply because it was in the news and pumped by a so called "celebrity" otherwise there are other similar shitcoins that get pumped a lot more and are much more profitable than Dogecoin. Two examples of these shitcoins from the past 24 hours are CELO and NANO they got pumped 25% and 21% respectively. And these are among "bigger" shitcoins, there are smaller shitcoins that get pumped A LOT more. For example DVPN got pumped 134%, BTRL got pumped 3173% and so on!

Another difference is that when bitcoin goes up (in long run) it will remain up but shitcoins go up (aka pump) then eventually they come down (aka get dumped).

I don't think Bitcoin volatility is natural at all,  Its one of the most volatile assets to trade  with its huge  up and down swings just like any other crypto  it is pumped and dumped and I picked  Dogecoin because it is currently ranked no 6 on CoinGecko

[JohnSmithK]

Investing in Bitcoin can be a smart move if the investor is aware of the volatility involved and does not panic and make rash decisions when there is a sudden dip. Bitcoin has experienced a roller coaster of ups and downs in 2021. Recent events across the globe have caused the world’s largest digital currency to fluctuate heavily, leading investors to question its future vitality.Experts advise that no more than 5% of an investor’s portfolio should be tied up in cryptocurrency(news source: kalkinemedia.com)

[pooya87]

I don't think Bitcoin volatility is natural at all,  Its one of the most volatile assets to trade  with its huge  up and down swings just like any other crypto  it is pumped and dumped and I picked  Dogecoin because it is currently ranked no 6 on CoinGecko

Being volatile is not the same as being pump and dump. A pump and dump coin is one that has no reason whatsoever to go up and then the drop of it is guaranteed. Take any altcoin price over the years, for example a coin that goes from 10 satoshi to 1000 satoshi (aka pumped), it will eventually come down back to 10 satoshi even if it takes a long time because it was initially "pumped".

What bitcoin has is natural rises due to real adoption not someone fake pumping it, that is why its price never comes down in the long run. Last year price was below $10k and now it is $above $30k which is a 3x rise. In short term because the bitcoin market is small and is filled with newbies that never had any entry barrier, the price can make big moves in short term.
Why choose #6? Take #2. It used to be pumped and worth 0.15BTC and now it is struggling to keep 0.05BTC even though they pumped it hard in May to only reach 0.08BTC.

[NeuroticFish]

It can be somewhat called rebounding since we are getting back, close to the price from one week ago. But that's all.
Overall it's still sideways and it's rather normal: we have about half of the price from April and about half of the hash rate from April.
And although the good news are piling up (yeah, I know, the "OMG China" FUD is still loud) I don't expect a proper recovery until the hash rate recovers too (probably after the relocation).
Of course, I may very well be wrong too

[isaac_clarke22]

~

That China crackdown does not still stop popping up in my news feed in Facebook, so yeah it is indeed really loud outside the forum still.
Somehow the return to 30k+ is nice already so we got that, but that is it.

[ILuckyGuyI]

It is really hard to know. Bitcoin has recovered from $28k to $35k very quickly. But it seems like the price is stuck here again. I would really like to see Bitcoin going back to $40k at least. But it doesn't seem like it will happen very soon.

[Jating]

Still continue to sideways until the fud ends and if the fud ends while the price didn't drop below like $28000, the possibility to break that $40k is higher. I'd like to think it's going to break the resistance this time after few unsuccessful tries to break out the support line.

Currently, I'm not seeing any FUD, the Chinese news is over, I think we have seen the bitcoin mining shutdown was already price-in.

Amazing how it quickly goes up after touching the price at 29,000, somebody must have panicked that day.

Because there is a strong support at $30k, yes, it was broken, but as you have said, it was quickly supported as investors bought at this price. And now we continue our sideway patterns until a break out happen (positive news).

[Itty Bitty]

According to data.bitcoinity.org, in the last 30 days, around 16% of bitcoin volume has come from Bitfinex. Over the last 6 hours it's been 62% from bitfinex.

Wow!

[herurist]

indeed for now the trend is very good but if you look at the chart it looks like it is still sideway but in a slightly higher price.
it would be great to break through the $40k mark because that would be a boost. but I don't think it will happen soon considering that the fud is still ongoing. we just wait