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Home Tech Crypto Bitcoin rebounds to $56K as Dogecoin price halts at 420% weekly gains

Bitcoin rebounds to $56K as Dogecoin price halts at 420% weekly gains

Document Analysis NLP IA

512
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2:33
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positive
sentiment

Sentiment0.125
objective
redaction

Subjectivity0.36848958333333
probably it's an affirmation
Affirmation0.46116504854369

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Key Concepts (and relevance score)

Summary (IA Generated)

Bitcoin (BTC) saw a staunch comeback on April 20 as fresh bullish news from PayPal combined with solid on-chain indicators.

BTC/USD 1-hour candle chart (Bitstamp).

Cointelegraph Markets Pro and TradingView showed BTC/USD bouncing to $56,000 during Tuesday trading, hours after hitting local lows of $53,300.

On the flip side, a social media-induced ‘Dogecoin Day‘ was adding pressure to Bitcoin’s immediate upside prospects as funds continued to flow into DOGE on the day.

As Cointelegraph reported, the aim of the ‘celebration’ is to launch DOGE/USD to $4.

Back within Bitcoin, meanwhile, traders were eyeing one indicator in particular as signalling both solid support at $52,000 and that this week‘s dip would now bounce definitively.

‘As we see from the chart we have a double confirmation that this DIP is almost at the end, we can establish it from the fact that, besides the fact that the price is bounced on the main support, we also have Stoch RSI at 0, this happened only 6 times from Bull market start and there was always a rebound, I don’t see reason why this time the same thing should not happen, the Bull market has just begun, don’t scare yourself because there is no reason.

‘Annotated BTC/USD stochastic RSI vs.

Popular Twitter account IncomeSharks likewise highlighted the floor price level and pointed to decreasing DOGE inflows being apt to fuel Bitcoin’s comeback.

‘If you are willing to buy a hyped up meme coin at these prices, you should have no problem adding some Bitcoin spot here,’ it told followers Tuesday.


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