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June 5, 2023
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Bitcoin Price Live: BTC’s Hard Bottom To Set the Stage for a Strong Upward Movement Ahead

The post Bitcoin Price Live: BTC’s Hard Bottom To Set the Stage for a Strong Upward Movement Ahead appeared first on Coinpedia Fintech News

While many expected the Bitcoin price to slump below $25,000, the star crypto is attempting hard to remain above these levels. It has become more familiar among market participants to expect a fine plunge below the immediate support levels if the price prints consecutive daily bearish candles. However, the more the BTC price plunges presently, the greater the chances of a bullish rebound, which may prevail for a long time. 

Although the BTC price appears to have stuck under an extreme bearish trap, it has been making efforts to break above. Nevertheless, the attempts were unsuccessful, but the rally manifests its strength and the possibility of maintaining an elevated trend in the longer run. Therefore, a popular analyst, pseudonymously called Negentropic, says that the token’s hard bottom will set the stage for a strong upward movement. 

The analyst identifies the hard bottom levels around $25,900 to $26,200 and says that the price may eventually consolidate around these levels and trigger a rebound. It has happened previously when the prices formed a bottom around $15,800 to $16,000. The price hovered within these areas for a while and further soared as the Bollinger bands underwent acute contraction. 

A similar contraction is expected in the coming days, and to do so, the price is required to plunge further. Hence, a drop just below $26,000 to reach the hard bottom around $25,700 or $25,500 is quite possible, which may further attract huge longs. Hence, the analyst says here 

“Risky shorting: Bollinger Bands signal an imminent upward move,”

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