Claim BonusBTC Price Prediction: Will the 4% Drop in Bitcoin Price Lead to Further Correction?
BTC Price Prediction: After March’s third-week aggressive rally, the Bitcoin price showed a more steady growth under the influence of two rising trendlines. The coin price resonating between these trendlines for nearly a month shows the formation of an ascending channel pattern. With today’s 4% intraday drop, the BTC price is back to the channel pattern’s support trendline. Will buyers resume the bullish recovery from here or its time for sellers to take control?
Key Points
- A rising channel pattern gives specific direction to the Bitcoin recovery rally
- A potential reversal from the support trendline could surge the Bitcoin price by 8-10%
- The intraday trading volume in Bitcoin is $23.2 Billion, indicating a 28% gain
Source-Tradingview
In the daily time frame chart, the Bitcoin price shows the formation of a rising channel pattern. The coin price bounced back from the pattern’s resistance trendline indicating the traders are reacting to this setup and thus it may significantly influence Bitcoin’s near future price.
As of now, the BTC price trades at the $29428 mark, and with the current correction, it retests the channel’s support trendline. The below-average trading volume hints the pullback is temporary and the prices are more likely to rise again.
Also Read: Crypto Market Selloff: Here’s Why Bitcoin, Ethereum Price Are Falling Sharply
If the buyers sustain above the resistance trendline, the coin price may rise 8-10% to retest the resistance trendline. Thus, until the pattern is intact, the Bitcoin price continues its recovery rally.
While things are bullish for BTC, a breakdown below the trendline will tumble the bullish thesis.
Technical Indicator
RSI: Contrary to the rising prices, the daily RSI slope formed the same tops indicating the buying pressure diminishing and the sellers may eventually breach the lower trendline.
EMAs: along with the pattern’s support trendline, the 20-day EMA offers additional support to maintain the price rally.
Bitcoin Price Intraday Levels
- Spot rate: $29380
- Trend: Bullish
- Volatility: Medium
- Resistance levels- $32500 and $35000
- Support levels- $29100 and $26600
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.
Related Articles
- Strategic Bitcoin Reserve: South Dakota Introduces Bill to Invest in BTC as U.S. States Explore Crypto
- Trump Speech in Iowa Today: Possible Impact on Stocks and Crypto Market
- XRP Payments Utility Expands as Ripple Launches Treasury Platform
- Trump’s Crypto Adviser Confirms Probe Into Alleged Theft From U.S. Crypto Reserve
- Federal Reserve to Hold Interest Rates Until June, Crypto Traders Predict
- Shiba Inu Price Outlook As SHIB Burn Rate Explodes 2800% in 24 Hours
- Pi Network Price Prediction as 134M Token Unlock in Jan 2026 Could Mark a New All-Time Low
- Bitcoin Price Outlook as US Dollar Index Hits 4-Year Low, Gold Soars
- Stock Market Today: Nasdaq, Dow, S&P 500 Futures Rise Ahead of Fed Meeting, and Jobless Claims
- Bitcoin And XRP Price Prediction Ahead of FOMC Meeting Tomorrow, Jan 28
- XRP Price Prediction as Ripple Scores Big Partnership in Cash-Rich Saudi Arabia
