BTC Price Prediction: Here’s When Bitcoin May Resume Its Prior Bullish Rally
BTC Price Prediction: For nearly a week, the Bitcoin price has been wavering below the $28300-$28000 resistance level, showcasing signs of exhausted bullish momentum. This cluster of candles with higher price rejection attached to them indicates the buyers struggle to sustain above the $28000 mark and increase the possibility of price correction. Here’s what you can expect in Bitcoin’s upcoming downfall.
Key Points
- High supply pressure at $18300 resistance foretells a possibility of a bearish reversal.
- A bullish crossover between the 100-and-200-day EMA may encourage buying orders into the market.
- The intraday trading volume in Bitcoin is $23.5 Billion, indicating a 24% loss.
Source-Tradingview
The ongoing recovery in Bitcoin price has taken a major halt at the $28000-$28300 resistance and is trading sideways for nearly a week now. After an explosive rally witnessed in last week, a minor consolidation or retracement is justifiable as it recuperates the bullish momentum.
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The daily candle showcasing higher price rejection at $2800 indicates the sellers are defending this level, meanwhile, the coin price recently bounced back from $26700, indicating the buyers have not thrown in the towel yet.
Thus, if the FUD among market participants continues, the Bitcoin price may witness a prolonged consolidation within the above-mentioned levels. Thus, a daily candle closing above $18300 is needed to resume the prior recovery which may drive the prices to the $32000 mark.
On a contrary note, a breakdown below $26700 will encourage sellers for further corrections.
Technical Indicator
RSI(4-hour): Contrary to the sideways price action, the RSI slope moving lower indicates weakness in bullish momentum. This bearish divergence increases the possibility of longer correction.
EMAs: the daily EMAs(20 and 50) trying to chase the BTC price indicate the buyers rallied the bull run full throttle and therefore consolidation is needed.
Bitcoin Price Intraday Levels
- Spot rate: $28080
- Trend: Bearish
- Volatility: High
- Resistance levels- $28300-$28000 and $32000
- Support levels- $26700 and $2500
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