The global crypto market cap is again closer to rising beyond $1 trillion for the first time in the past 2 months. After the markets began to inflate at the beginning of 2023, the Bitcoin price received a larger push raised heavily by more than 30% in the past few days to mark the yearly highs close to $21,500. However, the price is undergoing a minor bearish action which is believed to overcome in a short while from now.
Bitcoin price was trying to surge high but continued to remain under the bearish influence it traded below the crucial 200-day MA levels. Ever since the price was rejected from 200-day MA by the end of Q1 2022, a steep bearish trend was followed until recent times. However, the BTC price with the fresh upswing slice through these levels and validated a firm divergence from the bearish clasp.
In the upcoming few hours, the bearish action may drag the price below the interim support of around $20,500. Moreover, the RSI which has spiked close to 90 is displaying a bearish divergence and hence a minor pullback is expected. However, the 200-day MA at $19540 may offer the base required for the price to ignite a strong rebound in case of extreme bearish pressure.
A rebound from these levels may lead to a significant upswing, reclaiming the lost levels initially and testing the higher targets in the coming days. Moreover, the price is testing the neckline of the double bottom pattern which appears to be decisive but eventually results in a bullish breakout.
The next pit-stop for the BTC price could be around crucial levels at $22,500 where-in the price has faced multiple rejections throughout 2022. A successful breach from these levels may ignite an upswing toward $25,000.
A popular analyst, The Wolf of all Streets believes the BTC price may range high and reach levels between $28,000 to $30,000 too.
The analyst refers to the 200-day MA levels and speculates that the price may find a strong support base at these levels and ignite a firm rebound thereafter.
“BTC Daily Trend Flips Bullish
BTC finally broke above the 200 MA. It has not touched it in 291 days, the last time as strong resistance
It lost the 200 MA as support in December 2021
Best guess for the next move is a retest as support then move up to 28K – 30K
Bid ~ $19,600,”
Source: https://coinpedia.org/price-analysis/top-cryptocurrency-news-today-bitcoin-surges-above-historical-levels-whats-next/