Bitcoin price is attempting very hard to maintain above $35,000 from the past couple of days.
The current phase is looked like one of the most determining ones as a plunge below $30K else a set-off jump towards $50K
BTC Price Flipped H&S Pattern, Yet May Plunge
The Bitcoin price rally which began in the mid of December 2020, marked the most historical rally in history by breaking all the resistance levels. Many expected $50K is approaching very soon, yet a plunge trembled the rally which may be a massive one.
The price currently has entered a decisive phase yet once again where-in an uptrend is important for the continued trend towards $50K. As per the analyst iMperfect-rH, the BTC price is all set to retest the above resistance levels.
As per the chart posted by the analysts, the BTC price is following the falling wedge pattern and strong resistance is formed at $32,822. The price broke the pattern and now retesting the channel, hence confirming an uptrend. The MACD indicator is showcasing a buy signal and hence an uptrend is imminent.
Adding to the substance, one of the popular on-chain analysis platform Santiment believes bullish divergence remains constant despite the price plunge. As the amount of unique BTC moving between addresses showcases an encouraging picture. Hence, a Bitcoin uptrend is expected, once the consolidation phase is exhausted.
Important Retest for Bitcoin Price
Bitcoin often enters a decisive phase and ends up being victorious most of the times. However, the price has also suffered a plunge which declined the price around 18%- 25% in recent times.
The BTC price may slide down to the levels close to $30K if a downtrend initiates as per a popular analyst, Michael van de Poppe.
However, he has also said the resistance levels are formed around $34,000 and the price is expected to trend in between these levels.
BTC price at the time of writing is $32,205 with a drop of 2.44%, attempting very hard to maintain above $32K. If the Bitcoin price rally needs to continue to hit the target at $50,000, then a breakout is very important holding strongly at the support levels.