NewsletterBTC Price Prediction: Bitcoin Price Trapped in Consolidation Poised for 5% Drop
BTC Price Prediction: After an aggressive rally in March’s first half, the Bitcoin price turned sideways in light of increasing uncertainty in the crypto market. Thus, the prices walking a lateral path over the past three weeks between $28800 and $26500 levels created a narrow range. Here’s how you may find a long-entry opportunity in BTC amid the sluggish market sentiment.
Key Points
- The area between $28800 and $26500 can be considered a no-trading zone
- A potential breakout from the $28800 will be a key signal for uptrend continuation.
- The intraday trading volume in Bitcoin is $36.2 Billion, indicating a 26.2% loss
Source-Tradingview
After a significant price rise, an asset price usually takes a short break to replenish the bullish momentum and check the price sustainability above the reclaimed prices. Thus, the ongoing consolidation in Bitcoin is meant to recuperate the buying pressure and prolong price recovery.
Over the past three weeks, the BTC price rebounded from the $28800 and $26500 levels several times indicating the traders are actively responding to this range levels. Though the market FUD has prolonged the consolidation phase, the coin price managed to sustain above $26500 support indicating the buyers are defending the newly reclaimed levels.
However, the BTC price currently trades at the $27890 mark and has recently reverted from the $28800 range resistance. This bearish reversal creates a new bear cycle with the range structure and increases the possibility of a 5% downfall which may revisit $26500.
Anyhow, the traders waiting for a long opportunity should wait for a $28800 breakout.
Technical Indicator
RSI: The daily RSI slope moving lower despite a sideways indication the bullish momentum has been exhausted and the current consolidation could benefit to revive the buying pressure.
EMAs: the rising 20-day EMA slope may offer an extra edge to buyers’ resumes prior to recovery.
Bitcoin Price Intraday Levels
- Spot rate: $27935
- Trend: Bullish
- Volatility: High
- Resistance levels- $28000 and $32000
- Support levels- $25000 and $23870
- Metaplanet Rejects ETF Competition, Defends Active Bitcoin Strategy
- Michael Saylor Teases Another Major Bitcoin Purchase Tomorrow
- Bitcoin Push Positions Steak ’n Shake for Accelerated Q3 Sales Growth
- Scaramuccis Lead Major Investment in American Bitcoin Tied to Trump Family
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Ethereum Price Outlook: Will Bulls Defend $3,000 Support Level?
- Litecoin Price: With a 12% Surge and Pearson BTC Correlation at –0.01, Is LTC Gearing Up for $125?
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
