Bitcoin price bounces off from $56,000 daily support level, eyeing for a rally ahead. US Spot ETFs record mild outflows of $43.90 million on Wednesday. Technical indicators and on-chain data point to a rally ahead. Bitcoin price trades slightly higher around $58,000 on Thursday after finding support around the $56,000 level on Wednesday, supported by an improved market mood for risk assets. This recovery happens despite US Bitcoin Spot Exchange Traded Funds recorded mild outflows on Wednesday.
Bitcoin Exchange Reserve chart Technical analysis: BTC bounces off $56,000 Bitcoin price retested the daily support of $56,022 on Wednesday and bounced from it. At the time of writing, it continues to rise by 1.1% on Thursday at $57,965. If the $56,022 daily support holds, BTC could continue to rise to restest $59,529, its 50% price retracement level . This rise in Bitcoin’s price is additionally supported by the Moving Average Convergence Divergence indicator on the daily chart.