BTC Price Prediction: Bitcoin Price Could Rally 12-13% If this Level Holds

BTC Price Prediction: Over the last ten months the bitcoin has shown the formation of a rounding bottom pattern. Under the influence of this pattern, the coin shows an evident change in market trend as the price action turned from a lower high and lower low formation to a higher high and higher low. This early sign of a trend reversal can offer long opportunities to interested traders.

Key Points

• A bullish breakout from $29000-28660 resistance has set the BTC price to prolong the bullish rally.
• The 20-day EMA can act as a key support bolstering the ongoing recovery rally.
• The intraday trading volume in Bitcoin is $15.6 Billion, indicating a 36% gain

Source-Tradingview

On April 10th, the Bitcoin price gave a bullish breakout from the local resistance of $29000-28660, offering a stepping stone to lead a further recovery rally. This recent recovery peaked the coin price at $30680 and hit a minor roadblock. 

Since last week, the daily chart showing higher price rejection candles near the $30680 mark suggested some profit booking from short-term traders. By the press time, the Bitcoin price traded at $29554 with an intraday loss of 2.94%.

Also Read: 15 New Cryptocurrencies To Buy In 2023

With sustained selling the coin price may tumble 3% and revisit the breached $29000 mark. This retest phase could offer a buying opportunity if the buyers manage to hold above this flipped support. The post-retest rally would resume the revealing recovery and surge the price 12-13% higher to hit the next significant resistance of $32266

In case, the BTC price plunges below the $28660 support, the resulting bull trap scenario will trigger a longer correction.

Technical Indicator

Moving Average Convergence/Divergence Indicator: a bullish uptick in the MACD(blue) and the signal line(orange_ moving higher above the neutral line reflect a bull trend sentiment

Relative strength index: with a bearish divergence in the daily chart, the daily RSI slope showcasing a downtick increases the possibility of minor retracement.

Bitcoin Price Intraday Levels

• Spot rate: $29585
• Trend: Bearish
• Volatility: Medium
• Resistance levels- $32150 and $35200
• Support levels- $28800 and $26750