Crypto markets are consolidating now after undergoing a giant price action during the early trading hours. After undergoing a 12% jump, Bitcoin bulls appear to be drained and hence the price witnessed a major pullback back. Despite the consolidated crypto markets for the day the BTC flashes a very rare buy signal.
BTC prices are hovering around the crucial support zone that acted as a resistance before flashing a chance of reversal. The upper resistance line stems from the August 2022 high which had been a strong resistance zone during yesterday’s price jump. Moreover, in the short term, the price is yet to break the downtrend line which may keep up the bearish momentum in the coming days.
However, a popular analyst, Michael van de Poppe, continues to be bullish on Bitcoin and also believes the price may head toward $30K.
Besides, the analyst also expects the price to plunge slightly and reach the lower support close to $22,800.
“Bitcoin corrects after hitting final resistance before $30K,
That’s not bad, that’s normal
I’s be watching $22.8K as crucial support to sustain and then we’ll be making HL’s again for continuation,”
Collectively, it appears that the BTC price is preparing for the next bullish and hence could maintain a consolidated trend for a while before breaking above $25,000.
Source: https://coinpedia.org/price-analysis/bitcoin-live-price-btc-price-retests-previous-resistance-is-25k-target-still-in-play/