Published 1 day ago
Bitcoin Price Prediction: The Bitcoin price struggling to offer a follow-up rally of $22500 breakout suggests the exhausted bullish momentum. Moreover, the multiple higher-price rejections daily candles showcased a higher possibility of a minor pullback. Here’s how long this correction phase could extend, and should you buy it?
- A potential pullback in Bitcoin price could assist traders in recuperating the bullish momentum.
- A bullish crossover between the 50-and-100 EMA encourages additional buyers in the market.
- The intraday trading volume in Bitcoin is $26.2 Billion, indicating a 2% gain
Over the past two months, the Bitcoin price showcased a simple structure of a rounding bottom pattern. This is one of the famous bullish patterns which is often spotted at market bottoms and displays a sign of sustained recovery in the market.
The U-shaped recovery visible in the daily chart has surged the BTC price to 36.7% higher since the beginning of 2023. On January 20th, the BTC price provided a massive breakout from the pattern’s neckline resistance of $21600 and local resistance of $22500.
This breakout should have accelerated the bullish momentum and extended the ongoing recovery, but instead, the Bitcoin price went sideways and hovered above the $22500 support. Over the past five days, the Bitcoin price showed several higher price rejections at the $23000 mark, indicating the birds are struggling to sustain breached levels.
These rejection candles suggest profit booking from short-term traders, hinting at a higher possibility of price correction. Anyhow a minor consolidation or pullback could benefit Bitcoin price to neutralize the excessive buying since January 1st.
Also Read: Top Crypto Discord Servers/Groups Worth Joining In 2023
This potential pullback could tumble the BTC price 4.5% down to retest the $21600 support.
However, under the influence of the rounding bottom pattern, the post-correction rally could rise 25% higher to hit the $28150 resistance. Thus, if the buying pressure persists, the buyers could surpass this pattern to chase $30000. mark.
On a contrary note, the possible correction and daily candle closing below $21600 could weaken the bullish thesis.
RSI– The daily RSI slope falling from the oversold region indicates the prices are in process of stabilizing the bullish trend.
EMAs: the 20 and 200-day EMAs nearing a police crossover at the $21600 mark increase the support power of this level.
Bitcoin Price Intraday Levels
- Spot rate: $22851
- Trend: Bearish
- Volatility: High
- Resistance levels- $25000 and $28000
- Support levels- $22500 and $21500
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The presented content 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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- Source: https://coingape.com/markets/bitcoin-price-prediction-30k-or-15k-whats-next-for-btc-price/