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May 18, 2024
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What’s Next for Bitcoin’s (BTC) Price;  A Jump to $26,750 or a Plunge Below $25,000?

The post What’s Next for Bitcoin’s (BTC) Price;  A Jump to $26,750 or a Plunge Below $25,000? appeared first on Coinpedia Fintech News

The bitcoin price just climbed above $26,000 and is trying very hard to hold these levels. The consolidation above $25,000 could indicate the possibility of a fresh increase if it settles above some crucial levels. The BTC price formed a strong base above $25,500 and quickly rose above those levels. The price is now testing the $26,000 resistance and the 100-H SMA, and may soon test the first major resistance at $26,150 and later at $26,500. 

While bullish price action is on the horizon, is there another rejection of the BTC price?

The BTC price faced a strong rejection at $28,500 in the last few days of May and since then has been following a consolidated descending trend. However, the formation of constant lower highs and lows displays the remaining strength among the bulls. This strength could raise the price levels close to $26,700 in the next couple of days. Unfortunately, the bulls may certainly not hold above these positions for long. 

Considering the above chart, the BTC price continues to be in the range zone and is possibly looking out for a breakout of the parallel channel to the downside. However, before then, an upswing towards the interim resistance, initially at $26,323 and later at $26,733, maybe on the horizon. The upside correction may squeeze out the strength from the bulls and drag the price below $25,000, and if the bearish action escalates, then it may further reach levels below $23,000 too. 

However, the RSI continues to remain bullish, substantiating the bullish claim. Therefore, a price rise close to $27,000 may be expected. However, the possibility of a bull trap may not be eliminated at the moment.

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