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 Move Past $28k Resistance
Bitcoin Price Daily Chart
- The falling channel pattern keeps the BTC price under the threat for prolong 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.
Source-Tradingview
By the press time, the Bitcoin price trades at $28043 and wobbles between the breached $27500 level and overhead trendline. Both aforementioned levels are strongly influential for BTC price and therefore their breakout could determine the upcoming trend.
As in theory, the falling channel pattern usually bolsters significant growth upon its completion, the current recovery phase in the market, 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 the BTC price to the last two highs of $31170, registering a potential growth of 11.5%.
On a contrary 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.
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