Bitcoin is about to conclude a difficult week after falling by almost 10%. Nevertheless, buyers appear determined to stop this downtrend.
BTC Price Prediction
A closer look at Bitcoin shows that it formed a bearish wedge from which the price fell between Monday and Tuesday. Luckily, buyers showed resilience at the 58k support level and managed to stop this downtrend, at least for now.
It is critical for the BTC price to hold above the $58K support this weekend. Otherwise, sellers will take full control over the PA and aim to revisit the low 50k support like in early August.
BTC Momentum Remains Bearish
Even if buyers are returning, the overall momentum on the weekly MACD remains bearish. The moving averages are falling, but at least the histogram is making higher lows. This could indicate that a reversal of this downtrend could happen in the future.
To confirm a reversal and turn bullish, Bitcoin’s price needs to break above $64K again and turn that key level into a support.
BTC is standing at $59,420 at press time.
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