Bitcoin Price Rebounds Off Bear Market High
The Bitcoin price has retested its bear market high at $82,825, confirming it as support. This correction was a healthy one, and a bounce was the strongest probability given the confluence of horizontal support, Fibonacci levels, and a descending trendline.
On the daily time frame chart, the retracement reached the exact tippy top of the second big bear market bear flag. If the price falls through this level, there is support below in the bear flag and at the top of the bull flag.
The Relative Strength Index (RSI) has come back down to retest the top of the descending trendline, which as long as it holds, should continue the upside price action.
The macro setup remains bullish, with a huge surge followed by a flag that enabled this rally to be absorbed. The breakout of the flag is expected to lead to a measured move to more or less exactly the second resistance level at $94,280.