Bitcoin Price Bounces at Key Trendline Support 1 Day Before BTC Halving

In the last 3 hours Bitcoin (BTC) price gained 2.63% after dropping to $8,256 earlier in the day. With just less than 24-hours before the block reward halving is scheduled to take place, traders are likely biting their nails and anxious to see if the top ranked crypto-asset on CoinMarketCap will be able to reclaim $9,000. 

Crypto market weekly price chart. Source: Coin360

Today’s drop to $8,256 brought the Bitcoin price below the ascending channel trendline for the second time in 24-hours and traders again purchased into the dip, allowing the price to quickly rebound to $8,784. 

BTC USDT 1-hour chart. Source: TradingView

The current price action looks more like an oversold bounce than a reversal but traders will note that the MACD recently pulled above the signal on the hourly time frame and the RSI has lifted from 20 to 42 at the time of writing. 

On the 4-hour time frame one can also see the RSI bouncing from oversold regions and the MACD histogram has flipped from deep red to…