BTC Price Prediction: Bitcoin Price Hints 4-5% Pullback Before the Bull Run Continues
BTC Price Prediction: After three weeks of the consolidation phase, the Bitcoin price breached a local resistance of $28800, signaling the resumption of a bullish recovery. Thus, the BTC price has surged 8.5% in the last five days and reached the $30000 mark for the first time in 10 months. Here’s how you can trade this breakout to grab a potential recovery opportunity.
Key Points
- A potential pullback could plunge the Bitcoin price by 4-5% to recuperate the bullish momentum of $29000 support.
- The Bitcoin Fear & Greed Index at 61 reflects the market sentiment supporting the resumption of prevailing recovery.
- The intraday trading volume in Bitcoin is $18.5 Billion, indicating a 0.15% loss
Source-Tradingview
On April 10th, the Bitcoin price breakout from the combined resistance of $28800 and 0.238 Fibonacci retracement level offered buyers a significant launchpad to prolong the bullish recovery. As of now, the Bitcoin price trades at the $30302 mark with an intraday gain of 0.84%.
The daily chart showcasing a higher wick rejection near $30000 indicates the traders are booking early profit at the psychological resistance. These rejection signs could trigger a temporary pullback and tumble prices 4-5% down to retest flipped support of $29000-$28800.
If the prices manage to sustain above the aforementioned support, interested traders can look for an entry opportunity to go long. With sustained buying the Bitcoin price is likely to be $32150, followed by $35200.
Concisely, a daily candle closing below $28800 could tumble the prices back to the $26750 mark.
Technical Indicator
RSI: The daily RSI slope struggling to surpass its last swing high indicates weakness in bullish momentum and a higher possibility for an aforementioned retest.
Bollinger Band: the midline of the Bollinger Band indicator can act as dynamic support carrying the ongoing recovery.
Bitcoin Price Intraday Levels
- Spot rate: $30458
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $32150 and $35200
- Support levels- $28800 and $26750
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