Bull Return? Bitcoin Again Rebounds From Strong Price Support

View Bitcoin has again created a higher low along the 30-day moving average line, neutralizing Monday's bearish close below $3,920.

A move above $4,055 is still needed to revive the short-term bullish setup.

A UTC close below the 30-day moving average, currently at $3,889, would put the bears in a commanding position, opening the doors for a drop to support levels at $3,775 and $3,658.

Bitcoin has once more rebounded from the 30-day moving average, thwarting a bearish move that saw prices drop below $3,920 on Monday.

The move sees the crypto market leader return from uncertain ground 24 hours ago, having dived out of the $3,920-$4,055 trading range on Monday.

Essentially, the cryptocurrency has established a bullish higher low along the key average for the third time this month.

While the bearish case has weakened, the short-term bullish view put forward by the long-tailed doji created on Feb. 27 would only be revived if there is a strong follow through to the rebound from the 30-day MA support, preferably a break above the recent high of $4,055 hit on March 21.

A high of $4,031 was clocked soon before press time.

The higher-low pattern would gain credence if the bounce ends up establishing a higher high above the March 21 high of $4,055.

On the 8-hour chart, BTC has breached the falling channel on the higher side and the breakout is backed by a bullish relative strength index reading of 61.00.