Bitcoin (BTC) Price Eyes a Comeback After 10% Bounce in Japan's Nikkei Stock Market Index

Bitcoin (BTC) price suffered a fatal crash last week as it slipped from near $70,000 levels to a low of $48,914. However, the recent 10% bounce in Japan's

Bitcoin (BTC) price crashed last week after slipping from around $70,000 to a low of $48,914. But the 10% surge in Japan’s stock market index, Nikkei, helped cryptos, including BTC, show signs of recovery.

Bitcoin price shows signs of returning

Despite the sharp 30% correction in Bitcoin price, the range low of five-month down-trending consolidation seems to be holding up well. Since Monday’s low of $48,914, the BTC price has risen 14% and is currently trading around $56,000, according to TradingView data.

The five-month Bitcoin price consolidation has created three key levels that BTC investors should watch out for:

70% of the range is considered a value area and the lowest and highest points are termed VaL and VaH, respectively.

A recovery from the immediate resistance at $57,289 is needed, which will suggest that the bulls mean business. If the BTC price manages to gain a strong foothold above the mentioned level, it will pave the way for the recovery rally to continue.

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