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Bitcoin seems to be preparing for a counter trend rally towards at least $52,000 levels from current levels. The crypto has held above recent swing lows around $33,000 mark and has retraced to $36,000 mark. High probability remains for bulls to come back in control and push prices through the $52,000 mark in the near term. The bottom line is that prices should hold above $33,000 mark going forward.
Bitcoin has dropped from $69,000 levels breaking below the trend line support and also initial price support around $40,000 mark. Bears have been successful to carve a bearish boundary between $69,000 and $33,000 levels, which should be retraced in the near term. Prices can resume lower thereafter and print below $28,000 mark in the next leg.
Also note that Bitcoin might be carving a Head and Shoulder bearish reversal as explained here. The Head is seen around $69,000 mark, Left Shoulder at $52,000-53,000 zone and Neck line around $40,000 levels respectively. If the above is correct, prices should crve a right shoulder through $52,000 mark before resuming lower again.
Potential short term rally towards $52,000 mark against $2,8500.
Good luck!
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