Bitcoin price after the gigantic rally during the previous weekend appears to have drained a bit as it has ignited a notable descending trend. The price initially lost levels above $25,000 and now flashes signals to lose $24,000 in the coming days. Technicals have flashed a bearish signal and hence a significant correction may be on its way.
The BTC price is still stuck in the major range, range bound since July 2022. Presently, it does not appear a good time to go long as the price is displaying a huge possibility of remaining stuck around the pullback off the highs for a while. The range currently appears to be between $24,000 to $19,000 and only a breach beyond any of these levels may trigger the respective trend ahead.
Source: Tradingview
In the short term, the price is believed to undergo a major rejection from the current resistance levels that may follow the wave and reach the lower support below $19,000. However, after rebounding from the levels around $18,697.08, the price may regain its lost levels above $25,000. Moreover, an extended bullish trend may pave way for the price to surge beyond $26,000 also.
Bitcoin price is expected to remain highly volatile in the next couple of months as the rally continues to be bewildered by the impending trend. After maintaining a parallel range, a breakout may lead the price to rise between $25,500 to $28,000. Meanwhile, a drop below the major support could drag the price between $17,500 and $16,000.
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Sahana Vibhute
A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.
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