Bitcoin Price at Major Support Level; Can It Rebound Soon?

The technical chart indicates that the Bitcoin crypto price has kept declining while taking support on a descending trendline since March.

Russia has become a leader in the crypto industry thanks to its abundant energy resources, Russian President Vladimir Putin admitted during his speech at the Eastern Economics Forum (EEF) plenary.

By using that energy, Russia minted 54,000 BTC in 2023 and became the leader in Bitcoin mining. Being the most prominent crypto asset in the world, Bitcoin rules the crypto industry.

However, the Bitcoin price could not please crypto enthusiasts with its recent performance. It has been in a correction phase since March.

At the time of writing, the BTC price was trading at $56,586. It displayed a mild change in its trajectory in the intraday session. It has shown a bullish sign at the bottom. So, let's find out how the BTC coin price may perform in the upcoming weeks.

Bitcoin Price at Major Support Level; Can It Rebound Soon?

The technical chart indicates that the Bitcoin crypto price has kept declining while taking support on a descending trendline since March. At the time of writing, it took support on the trendline and has risen by 6% in a few days.

The BTC price has remained bullish since 2023, but that bullish trend was halted near the $72K mark. Since March, the Bitcoin price has undergone a correction of 22%. However, it has managed to defend the $54K level, which is a crucial support.

CryptoJack (@cryptojack), a cryptocurrency analyst, has shared his opinion about Bitcoin price in an X (formerly twitter) post. He tweeted that the BTC price has bounced back from the $54K support level, and buyers are showing interest.

The price of #Bitcoin is bouncing from the $54K support as I predicted a few days ago. I am entering a $BTC Long on @Phemex ? https://t.co/dQy5LUChJS with a target of $70k! pic.twitter.com/i0EFJLAj4J

The price has formed a Triple Bottom and taken support on the $54K level. It has gained bullish momentum at the same level, which could be a bullish sign. The involvement of buyers may lift the price to a new all-time high (ATH).