Bitcoin Price Analysis: $BTC Price Sideways Action Edging Towards Bullish Breakout; Buy Today?

Bitcoin Price Analysis: The crypto market continues to witness a brawl between buyers and sellers but no clear indication of a directional trend. Thus, the largest cryptocurrency-Bitcoin may see a temporary consolidation, but the short-term downtrend is still intact. This downward trajectory is governed by a wedge pattern indicating the coin price could plunge lower before a significant upswing. 

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Bitcoin Price Daily Chart

• The formation of a falling wedge pattern reflects a gradual decrease in bearish momentum.
• A breakout above the overhead resistance trendline is needed to trigger a bullish recovery.
• The intraday trading volume in Bitcoin is $12.2 Billion, indicating a 22% loss.

Source-Tradingview

In the last few days, the buyers and sellers attempted to overthrow each other but failed to attain complete domination. Amid this uncertainty, it is valid to rely on short-term trends to determine the near future projection.

Under the influence of a falling wedge pattern, the Bitcoin price has witnessed a correction phase over the past months, constantly wobbling between two converging trendlines. Thus, until the pattern’s downsloping trendline is intact, the coin may see a further correction and could plunge to the $24000 mark this month.

On the flip side, buyers can rely on these two factors to maintain a bullish outlook first, the wedge pattern which is known as an uptrend continuation setup and could offer a considerable recovery upon the breakout of the resistance trendline.

Second, the long-coming support trendline can offer significant pullback opportunities.

Will Bitcoin Price Plunge to $24000?

If the broader market sentiment remains indecisive, the BTC price gradually slides to lower levels. The potential downfall will likely hit the next significant support at $25000, followed by $24000.

• Moving Average Convergence Divergence: Narrow swings and several crossovers between the MACD(blue) and signal(orange) line reflect current market uncertainty.
• Super trend: The red film projected by this daily indicator accentuates the bearish market trend.