Price Analysis

Is The Current Bitcoin Price Upswing Looking Promising?

Highlights

    Bitcoin price experienced a massive sell-off in the previous working and revisited the levels below $30000

    The fresh day trade initiated with a bullish trend, however, remained restricted with the gains whereas other altcoins accelerated their recovery

    The lessened pace of the BTC price rally may raise the possibility of the probable upcoming downtrend

Bitcoin Price is undergoing a roller coaster ride nowadays as the frequent pumps and dumps have contracted the pace of the uptrend. The multiple attempts and rejections have hampered the bullish momentum of BTC price. And hence the aggressive uptrend is missing in the rally.

The rally flipped the bearish divergence since the early trading hours post the bloodbath over a couple of days. And the quick bounce above $33,000 levels raised many eyebrows. Yet the entire bearish trend flipping to a bull rally cannot be confirmed until the support levels at $30,000 are sustained for another week or two. 

Also Read: Should Have Bought The Dip! Bitcoin (BTC) Price Rebounded Above $30K

Yet, popular analyst and Bitcoin proponents believe, the price may still rally to reach $50,000 after revisiting lower levels. 

As per the analyst, Galaxy Trading, BTC price may propel high for the next 2-3 weeks after a dip towards $32K to $33K levels. 

On the other hand, the other bunch of analyst, do not even term the current dip as a ‘Bear market’. As the price rally was enough strong compared to the previous dips, the current market slash is seen as just a healthy correction. 

A popular analyst, Lark Davis pointed out that during each bull market top, a red dot occurs which is still yet to happen in the current rally. 

Considering the 200-day MA heat map, the possibilities of the Bitcoin price gaining bullish momentum raises. Therefore, a strong bullish weekly close may lead the BTC price towards the new highs very soon.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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