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Bitcoin Price Analysis: Is This a Trend Reversal, or Will We See More Bearish Price Levels?

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Bitcoin and Ethereum (ETH) are leading the way in the crypto market, showing indications of resurgence. BTC is doing exactly what it needs to do in order to maintain its upward trend. Bitcoin’s Mean Hash Rate is still steadily improving, with current levels of computing power compatible with early-to-mid 2020 levels. 

For the time being, Short-term market movements do not invalidate longer-term patterns. Bitcoin Price can deviate from underlying investor sentiment, as it has in recent weeks.

We’ll need to see some major higher price activity to confirm the breakout. Although the price was noted above this level at the time of writing, it was unable to break over the $32200 resistance yesterday. The bullish breakout will be confirmed whenever the daily candle closes above this important milestone.

Also Read : Altcoins To Surge Nearly 80% To 150% In Upcoming Bull Run!

For the time being, Bitcoin is attempting to re-establish $32200 as a significant level, which is required for it to maintain. If the price breaks below 31k, a deeper examination below 30k with a target of 26.5k will be taken. 

Bitcoin Price was trading in the green at $32,691 at the time of writing. If the $32,981 barrier is successfully breached, the $33,432 level enters the picture. 

BTC should avoid the first significant support level of $31,793 on the downside, after which the gates to $31,342 and $30,974 open up. 

Until we break beyond the 30-40K range, there’s no reason to be bullish. Even if the negative scenario persists, the good news is that a very strong support level has emerged around $28k.

Many On-chain experts, Metrics, and well-known analysts have made predictions about how and where the Bitcoin price will go next. Listed below are a handful of them. A bullish breakout is also confirmed by a few of them.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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