$BTC Price To Squeeze Before An Explosive Move; Time to Buy? – Crypto News – Crypto News
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$BTC Price To Squeeze Before An Explosive Move; Time to Buy? – Crypto News

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2 years ago

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Published 20 minutes ago

Bitcoin Price Analysis: Amid the ongoing recovery in the crypto market, the bitcoin price breached a significant resistance zone of $27500-$27300. This breakout was supposed to recuperate the buying momentum and resume the prior recovery but the buyers failed to surpass the immediate resistance trendline of the falling channel pattern. This reversal may reflect the correction is not over for BTC holders.

Also Read: On-chain Data Shows Bitcoin Price Moved Past $28k Resistance

Bitcoin Price Daily Chart

  • The falling channel pattern keeps the BTC price under threat for a prolonged correction.
  • The breakout above the overhead trending may kickstart a fresh recovery rally.
  • The intraday trading volume in Bitcoin is $5.68 Billion, indicating a 12.5% ​​loss.

Bitcoin Price AnalysisSource-Tradingview

By the press time, the Bitcoin price trades at $28043 and wobbles between the breached $27500 level and overhead trendline. Both the aforementioned levels are strongly influential for BTC price and therefore their breakout could determine the upcoming trend.

As in theory, the falling channel pattern The current recovery phase in the market usually bolsters significant growth upon its completion, reflecting the BTC price is more likely to break above the resistance trendline.

A daily candle closing above the wedge trendline will boast the underlying bullish momentum and offer a long positional trade for interested buyers. The resulting rally could take the BTC price to the last two highs of $31170, registering a potential growth of 11.5%.

On a contrarian note, a breakdown below the $$27300, will resume the ongoing correction to the $25000 mark.

Will Bitcoin Price Revist $30000?

Any further recovery in Bitcoin price is dependent on its breakout from the long-coming resistance trendline of the channel pattern. This potential breakout will intently the buying pressure and may push the coin price to a high of

  • Supertrend: The trend-defining indicator projecting a red film suggests the market trend remains bearish
  • Relative strength indicator: The daily rsi slope is yet to breach 60% of a market project the buyer needs higher momentum to retake trend control.

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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