FX.co ★ Bitcoin: downside seems over

Bitcoin is trading in the green at 26,146 at the time of writing. The crypto increased by 3.24% from yesterday's low of 25,350 to 26,171 today's high. The current rebound helped the altcoins to bounce back as well.

Technically, after such an impressive drop, a rebound could be natural. USD's depreciation in the short term could help BTC/USD to develop a bullish movement. Bitcoin is down by 10.19% in the last 7 days.

BTC/USD False Breakdown!

As you already know from my previous analysis, BTC/USD is trapped between 25,601 and 26,289 levels. The bias is bearish as long as it stays below the median line (ML).

Technically, the rate registered a false breakdown with great separation below 25,601 indicating exhausted sellers.

BTC/USD Forecast!

Jumping and closing above the median line (ML) and through 26,289 validates a larger rebound and brings new longs.