According to technical analysis, Bitcoin (BTC) is showing signs of a clear victory for the bulls. The bears have not been successful in setting up a sharp correction throughout the week. This allows the buyers to restart a minor uptrend.
Bitcoin price shows positive signals in the short term
Bitcoin price briefly recovered above the $28,086 support level ahead of the weekend. Thus, it triggered a resurgence of buyers. As a result, BTC bulls seem to have stepped in again. According to technical analysis, this trend could catalyze a minor rally to the next critical resistance at $28,051.
If Bitcoin price manages to break through this hurdle, it will likely rally the sell-side liquidity that remains above the highs formed between April 26 and May 5. On the positive side, the bulls are gaining quite a bit of strength after this build-up to $30,287. Technical analyst Akash Girimath says the setup could bring BTC to $27,075, up 12% in the coming days.
BTC’s long-term outlook remains uncertain
Despite the above scenario suggesting a bullish outlook, investors should be cautious as the long-term bias for Bitcoin price remains uncertain. Additionally, the previously announced bullish will have to retest the weekly Bear Breaker mentioned in previous articles.
Once bitcoin hits the $30,000 psychological level, it will retest the $35,260 resistance if the right catalyst is present. This move will lead the bulls to $41,273 later. On the other hand, bears could continue to put pressure on investors. In such a case, a drop to the $25,205 and $24,300 support levels is possible for BTC in the short term. In the long run, if Bitcoin price loses the aforementioned footholds, $17,605 is among the cards.
The big picture for bitcoin price is confusing right now. Technical analysis shows that the short-term bullish outlook will potentially reach $30,000. After this retest, depending on how BTC holds up, investors will take their next step. The critical levels for long-term BTC investors are at $35,260 and $41,273. On the downside, key support levels include $25,205, $24,300 and in a bear case $17,605.
Bitcoin still below $28,000
Recent bullish catalysts for BTC have included tracking and exchange integrations around the BRC-20. Meanwhile, Bitcoin price continues to gather strength below $28,000. BTC has moved up around 0.5% on the day, according to CMC data. As Kriptokoin.com, we have included the current price predictions of popular analysts in this article.
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