Bitcoin price closed the third week having consolidated around $28k with diminishing volatility. The calm before a storm has most crypto traders speculating on the next Bitcoin price breakout. A huge section of crypto analysts believes a breakout toward $32k is imminent in the coming weeks.
Nevertheless, some crypto analysts have been warning the bulls are getting exhausted and that a retrace to $25k is plausible. Moreover, several indicators have shown a retrace is likely before the bulls take over the market.
For instance, the 50 and 200 weekly moving averages are under the death-cross influence. The daily RSI shows a falling divergence on a consolidated market. As a result, most crypto traders are bearish in the market for the short-term stretch.
Bitcoin Key Levels to Watch Out
According to a popular trader and macro analyst Jason Pizzino in a recent YouTube video, the bears are fast running out of time. Pizzino stated that smart money investors have been purchasing long-term assets including Bitcoin irrespective of the prices. Depending on the type of trading strategies, Pizzino highlighted that Bitcoin price could spike in either direction in the coming days following a three weeks consolidation of around $28k.
From an advanced technical standpoint, Pizzino thinks Bitcoin’s macro bullish stance will be confirmed after the asset hits $42k. In this regard, Bitcoin price will have crossed the 50 per cent Fibonacci retracement.
Market Outlook
The focus of most cryptocurrency traders has shifted to the altcoins market led by Ethereum due to the upcoming Shanghai upgrade. The altcoin’s total market capitalization stands at around $602.24 billion and is ready to break out on the upside if the pressure persists.
Nevertheless, such a scenario could be invalidated if the Bitcoin price retests $28.6k, which will most probably yield an upward breakout.
Source: https://coinpedia.org/bitcoin/bitcoin-live-news-three-crucial-macro-signals-to-watch-out-for-btc-price/