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Bitcoin Trending in a Pivotal Territory, Will it Break or Hold on?

Highlights

    Bitcoin swing within $15,150 and $15,350 has created a crucial phase wherein a possible breakout or breakdown can be expected

    On the contrary, the two years Bitcoin dynamics shows, the asset maintaining a bullish trend than being bearish.

A Slight Correction Awaited

The past couple of days were not fruitful for Bitcoin as the price slipped miserably due to some external factors. However, the BTC price managed to surge above $15,000K within a small time-frame.

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Currently, Bitcoin price appears to have trended in a very significant area which may result in either a breakout or a steep crash.

As you can see it the hourly chart of BTCUSD, the BTC price is consolidating towards a possible breakdown. Moreover, it has been rejected at $15,500 and multiple times at $15,450 and maintained strongly within the triangle.

Therefore, considering technical analysis, it can be speculated that Bitcoin price might enter a correction phase which can pull back the price close to $15,000 or maybe below also. However, the bitcoin bull run in the coming times is imminent.

Also Read: Analyst Predict Ethereum Price could Rally towards $30K

Bitcoin’s Bullish Trend since 2019

Bitcoin can be considered as one of the consistent assets among the other cryptos. Since 2018 bubble burst, Bitcoin is manifesting a strong tenacity to follow the bullish trend rather than falling into bearish wells.

An anonymous financial advisor and banker named Crypto Wolf also mentioned the significant shift in the dynamics since February 2019.

Therefore considering the current Bitcoin price which is painted red by losing 2.89 percent stands at $15,271, and the technical analysis, price are expected to slide down further. But considering Bitcoin’s dynamics in the past couple of years, it is known to recover in a very tiny time frame.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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