Technical indicators show a bullish reversal with BTC price moving above the 50-day SMA, while RSI indicates towards buying opportunity. Is this the right time to buy BTC?

After a deadly market collapse earlier this week, Bitcoin (BTC) is showing a reversal rally with a 4.35% jump in the last 24 hours. Trading at the price of $17390.16 as of now, the BTC shows a strong uptrend with a multiple high price reflection in the resistance trendline. However, since the last decline, the BTC has not broken the $18,000 resistance level, while taking support at $16,900. 

Notably, BTC has fallen 15.64% in the last 7 days breaking the $18,000 support zone due to disrupting news regarding the collapse of crypto exchange FTX sweeping the crypto market. The price traded at the week’s low of $15,555 before the coin showed recovery signals with recent corrections.
<h3>Key Points</h3>
<ul>
 	<li style="font-weight: 400">The BTC price actions display a surge in bullish momentum </li>
 	<li style="font-weight: 400">With a market cap of $ 333.94 billion, BTC jumped 4.35% jump in the last 24 hours </li>
 	<li style="font-weight: 400">The intraday trading volume in Bitcoin is $ 74.02 billion. </li>
</ul>
<img src="https://s3.tradingview.com/snapshots/o/oU6VBW1y.png" alt="TradingView Chart" />Source <a href="https://www.tradingview.com/x/oU6VBW1y/">Tradingview</a>
<h2>BTC Technical Analysis</h2>
Earlier this week, BTC plunged to its two-year low after the crypto market crashed following the failure of the Binance-FTX deal. However, the BTC started recovery before breaking below $15,555.

BTC price action maintains a bullish trend with prices trading above the level of $17,000, and there is a strong possibility that it will cross the $18,000 mark as the buyers are seen to be enthusiastic. As the chart shows the price moved above the 23.6% Fibonacci retracement level from the recent decline, and the trend line making support near $16,600 indicate BTC is set for another bullish cycle.
<h2>Technical Indicators</h2>
RSI makes a bearish divergence while moving below the 14-day average line moving sideways along the 50% boundary line, signaling buying opportunity with every bullish breakout. Approaching the halfway line, MACD and signal lines are choppy, barely escaping a bearish crossover with a bearish histogram. 

The technical indicators display buying opportunities for the intra-day traders as the trendline shows a reversal pattern while RSI is too far to reach the overbought zone indicating an uptrend in the market.

BTC Technical Analysis: Is Bitcoin Coming Back Above $18K This Week?

Technical indicators show a bullish reversal with BTC price moving above the 50-day SMA, while RSI indicates towards buying opportunity. Is this the right time to buy BTC?

Sanjay Shukla is a Content Writer with Cryptoknowmics, India's biggest media platform in crypto. He has more than 8 years of experience in the Business and Finance domains. Sanjay writes excellent content on cryptocurrencies, trading, Bitcoin, and the share market, to help the readers have deep insight into the topic.

BTC Technical Analysis: Is Bitcoin Coming Back Above $18K This Week?

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