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Bitcoin Rebounds from Key $54.4K Support Line

Written By: ChartChamp

September 9, 2024

Bitcoin and the crypto market have rebounded to start off the week. There is CPI and PPI inflation data this week with a bullish forecast for both. I think the inflation data will be the catalyst for a short term rally. The key narrative that I’m hearing is small cap stocks and Altcoins are likely to experience a nice rally soon.

Over the weekend Bitcoin dipped below the $54.4k support level, but the price still managed to successfully hold at support and rebound. I think this bullish rebound is an important one that could help Bitcoin start to gain some bullish momentum as we approach October. Bitcoin has been forming a series of lower highs and lower lows, but this bullish rebound could form the first higher low to start a bullish trend. Bitcoin has been gradually trending up, and I would like to see a short term rally to around $60k – $62k.

Bitcoin is forming a bullish rebound around $55k, I think we can experience a short term rally over the next few days or weeks.

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