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May 22, 2024
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Bitcoin Looms Within Pivotal Range; Here’s Where it May Land After a Breakout

The post Bitcoin Looms Within Pivotal Range; Here’s Where it May Land After a Breakout appeared first on Coinpedia Fintech News

Bitcoin price continues to remain within a contracted range even though it received a bullish push. The token underwent a minor upswing and has landed in a decisive range that may trigger a healthy upswing if it manages to achieve certain levels. On the other hand, the price is also experiencing equal pressure on both ends. This may compel the BTC price to remain within a narrow range without testing either of the levels, avoiding bearish interference. 

After the recent upswing, the price has entered a bullish range that carries the possibility of rising above $30,000 in the short term. However, on the other hand, the token appears to be repeating the previous pattern, which does not appear to be in bullish favour. Hence, despite the price being primed to soar above $30,000, a deep bearish trend could drag it below the pivotal support. 

Presently, the price appears to be in the middle of the descending channel. It also indicates the probable end of the correction phase, which could trigger a fine rise towards the upper resistance just above the $30,000 level. The bulls are expected to weaken here, compelling the price to trade sideways around these levels for a while. With no fresh buying pressure coming in, the price may eventually face rejection and drop back towards the lower support of the channel.

It may appear to be an extended bearish action, but in reality, this dump is much needed to attract the bulls, who may lift the price beyond the bearish influence. Therefore, a drop towards $28,000 to $27,000 could pour in the liquidity required to trigger a strong rebound. This upswing may not only help the price reclaim the $30,000 level but also lift the price beyond the crucial price zone of around $30,400.

Collectively, the Bitcoin price may certainly trade under a bearish influence in the short term, but in the longer perspective, it appears to be preparing for a fine bull run. 

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