Bitcoin (BTC) price rebounds slightly on Tuesday, hovering around $61,000, after dipping 4.6% on Monday, when it broke below the descending wedge pattern.
Bitcoin spot ETF s record a $174.5 million outflow on Monday, marking seven consecutive days of continuous decline. Mt.Gox announces Bitcoin and Bitcoin Cash repayment to creditors in July. Bitcoin price breaks below the descending wedge pattern, indicating a bearish trend. Bitcoin price rebounds slightly on Tuesday, hovering around $61,000, after dipping 4.6% on Monday, when it broke below the descending wedge pattern. Mt.
The Relative Strength Index is currently in the oversold territory on the daily chart, while the Awesome Oscillator is below its mean level. For bulls to stage a convincing comeback, both momentum indicators must sustain positions above their respective thresholds of 50 for RSI and zero for AO. Still, the RSI is about to exit the oversold level after briefly dipping into it, a sign to cover shorts and open longs. This scenario could bolster the ongoing recovery rally.
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