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Bearish clouds are hovering over the star crypto, Bitcoin, as the bulls fail to regain control over the rally. The price began a minor upside correction from the $26,550 support zone and climbed above the $27,000 resistance along with the 100H SMA levels. However, the bears, who have been extracting very small profits, dragged the price below $27,000 again.
Is there any possibility of a bullish breakout above $28,000?
The bitcoin price has been trading sideways for quite some time and has been consistently failing to sustain above $28,000 resistance. The bulls, on the other hand, are displaying weakness, which suggests a fresh bearish action may be on the horizon.
Bitcoin (BTC) Price Analysis – Short-Term (1H)
The Bitcoin price has been maintaining an incremental trend ever since the last few days of May 2023. Unfortunately, the latest price action compelled the price to pierce through the lower support and plunge hard. The price has now dropped heavily below the ascending trend line, which may make it a little difficult for the price to make a comeback within the ascending triangle.
Considering the present scenario, the BTC price is strongly approaching the immediate lower support at $26,579.50. These levels have flipped the prevailing trend of the BTC price in the near past, and hence a significant rebound is also largely expected in the next few hours after making contact at these levels. However, the technicals point to a diverse trend as the bull-bear power is negative, suggesting the bears are gaining more strength. Besides, ADX is trying for a bullish divergence, which may offer significant strength for the prevailing price movement.
Therefore, the Bitcoin price prediction for the short term is bearish, with huge possibilities of plunging below the crucial support.
Bitcoin (BTC) Price Prediction for Long-Term (1D)
The long-term forecast for the BTC price continues to flash bullish signals, despite the fact that the bears have outpowered the bulls in the short term. Although the price has broken down the rising parallel channel, the trend is believed to remain incremental after a minor pullback. The pullback could offer catapult action, which may raise the price back above $28,000 in the next few days.
With the drop in the BTC price, the ADX is now turning negative, indicating the strength of the rally is waning. This may certainly not drag the price lower but may compel the price to maintain a consolidated trend within very narrow ranges. Besides, the RSI shows some strength as it may rebound from the lower trend line, which may further offer a nice boost for the Bitcoin price to bounce and enter the parallel channel soon.
Hence, the Bitcoin (BTC) price prediction in the long term currently appears misty due to the prevailing sluggish trend. However, a bullish breakout is expected if the price rebounds from the interim support at $24,798. A failure may trigger a fresh bearish move, testing the lower targets one by one.