Bitcoin (BTC) Price Jump Maybe Just Another Dead Cat Bounce! Watch Out for These Levels Before Jumping-In!

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Bitcoin price with a positive price action quickly regained the levels above $22,000, carrying a fear of a significant pullback. Over the past couple of days, the BTC price and the entire crypto space underwent massive bearish pressure that squeezed 10% to 15% of the value. However, after rebounding firmly from the last line of defence above $20,000, the asset now appears to undergo a significant recovery soon. 

However, as the asset traded above $22,000 for some time, the bears quickly regained strength as the price dropped below these levels. Currently, the asset appears to have gained significant strength but eventually, the bottoms may be tested again. 

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BTC price again gets rejected from $22,000 levels indicating the bears getting back in action. Soon after the recent sell-off, the price continued its trend within a bearish descending triangle. The current bearish price action may soon compel the price to revisit the lower support below $20,500 again. However, similar to the previous visit, the asset may again flip from these levels but this time may fail to surpass the $21,500 levels. 

The RSI levels after hitting the bottoms are surging along an uptrend line and presently displaying a bearish divergence. On the other hand, the MACD indicates ease in buying pressure and hence may go bearish very soon. 

The bears are expected to get stronger soon and as the $20,500 levels offered strong support multiple times, another visit to these levels later may result in a breakdown. Therefore, bitcoin(BTC) prices, currently appear to be in a pretty good position, but still hover within the captivity of the bears. And hence, inverse price action may again drag the price to its bottoms, while testing the 2017 ATH may be a little distinct.