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?

Key points:

• 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

Source-Tradingview

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.

Technical indicator

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