While the crypto space was speculated to undergo a drastic plunge much lower than the anticipated support levels, a minor flip emerged keeping the hopes alive. Currently, the BTC price is following a decent upswing after a strong rebound from the lower support.
Moreover, the ascending trend is constantly being tested by the bears, and hence frequent pullbacks are currently weakening the rally. As the buying volume may get exhausted to recover the lost positions instead of undergoing a notable uptrend.
Bitcoin Price Analysis
The BTC price after following a significant descending trend from the past couple of months, attempted a flip towards the north. However, the attempt went in vain, yet the price kept on attempting, woefully faced yet another rejection.
With a minor and major rejection, the BTC price might have formed a shoulder and head of the popular bearish pattern ‘H&S’. And hence the crypto may again attempt for a recovery that may fail to form the other shoulder of the pattern.
Bitcoin is ranging in between $36,000 to $37,000 due to multiple external factors and the current respecting one of the major support in between both levels. These levels are also a daily demand zone and therefore a significant uptrend may be expected in the upcoming days. However, the asset has witnessed a sharp fall and correction in the past couple of weeks and hence the dark clouds of plunge still hover over the rally.
Now, the Bitcoin price appears to have initiated to form the other shoulder of the pattern and yet again surge high to hit $40,000. However, the asset may yet again face rejection at these levels which may drag the price towards the neckline. Here, it is pretty important to test and hold these levels, else the BTC price may be primed to hit the lower support below $30,000 very soon.
Source: https://coinpedia.org/price-analysis/bitcoinbtc-price-igniting-a-decent-flip-strong-reversal-expected-very-soon/