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The ongoing recovery in Bitcoin price has encountered resistance near the $28,300 mark, coinciding with a long-standing descending trendline. Despite two recent attempts by bulls to clear this level, each effort was met with significant resistance, evidenced by the pronounced price rejection candles. Such patterns suggest sellers remain dominant at this juncture. Does this mounting pressure indicate a potential correction looming for BTC?
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Overhead Supply Threatens a Downfall to $25000
- A bullish breakout from the upper trendline could signal the end of the correction trend
- Bitcoin fear and greed index valuing at 49% reflects a neutral stance among market participants
- The intraday trading volume in Bitcoin is $10.7 Billion, indicating an 18% gain.
Source-Tradingview
Since mid-September, The BTC price trajectory has been notably bullish, rallying from a supportive base at $25,000. Over the past month, its value has appreciated by roughly 12.5%, bringing its current trading price to approximately $28,017.
However, this bullish stride has been stymied near the $28,300 threshold, a region exacerbated by the selling pressure from the aforementioned descending trendline. This trendline has been a formidable barrier for approximately 90 days, repelling upward moves on four distinct occasions.
Should sellers maintain their grip, a near-term retracement seems plausible for the BTC price. A decisive breach beneath a new emerging support trendline, currently situated around $27,200, could precipitate a descent toward the $25,000 psychological support.
[converter id=”btc-bitcoin” url=”https://coingape.com/price/converter/btc-to-usd/”]
Will BTC Price Reclaim $30000 Mark?
Despite a significant pullback initiated around October 2nd, the BTC price has staunchly defended the $27,230 level, signaling that bulls are not capitulating and remain intent on breaching the established resistance. A daily candle close above this trendline would provide bulls with a vote of confidence, potentially marking the commencement of a renewed uptrend. In such a bullish scenario, the post-breakout dynamics could propel the coin price beyond the $30,000 mark, targeting resistance zones near $30,800 and subsequently around $32,000.
- Bollinger Band: The uptick in the upper band of the Bollinger band indicator accentuates the bullish momentum in still aggressiveness.
- Relative Strength Index: The steady rise in the daily RSI slope reflects the buyer’s attempt to prolong the recovery trend.
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