Bitcoin Price Live: BTC Attempting A Breakout-Will This Move Trigger a Bull Market?

After a fine upswing in March, the price was believed to have consolidated a little, which could have triggered a decent bounce. In the meantime, the volume has lowered drastically, which has forced the price to remain within a narrow range. However, the trend is slightly incremental, which also raises concerns about the formation of a bearish pattern. 

From a wider perspective, the prevailing consolidation appears to be bearish as it is trading within a rising wedge. But whether this should be a matter of concern! 

The BTC price surged from $26,897.85 to the current level of $28,058.95, which may further rise to test the resistance of the wedge at $28,798.88.

Here, the price may undergo a minor pullback as it may have reached the edge of the consolidation. Hence, the price may then drop below $26,000 if the bulls fail to hold the crucial support at $26,641.41. 

However, the pullback may be brief, as it is believed to trigger a massive bull run in the coming days. Considering the sentiments of the crypto space, the bearish sentiments have been depleting, signaling the end of the bear market is on the horizon. 

The analyst here considers the Average Sentiment Oscillator (ASO), which displays the depth of the market volatility and the strength/weakness of the tokens, as pointing toward the revival of the bullish trend soon. As per the analyst, the decline of the bear market indicator began several months ago and may soon reach the blue line representing the bull market. 

Once done, an official bull run may be triggered, which could lift the Bitcoin (BTC) price toward new highs.