The BTC price is still stuck in the major range, range bound since July 2022. Presently, it does not appear a good time to go long as the price is displaying a huge possibility of remaining stuck around the pullback off the highs for a while. The range currently appears to be between $24,000 to $19,000 and only a breach beyond any of these levels may trigger the respective trend ahead.
In the short term, the price is believed to undergo a major rejection from the current resistance levels that may follow the wave and reach the lower support below $19,000. However, after rebounding from the levels around $18,697.08, the price may regain its lost levels above $25,000. Moreover, an extended bullish trend may pave way for the price to surge beyond $26,000 also.
Bitcoin price is expected to remain highly volatile in the next couple of months as the rally continues to be bewildered by the impending trend. After maintaining a parallel range, a breakout may lead the price to rise between $25,500 to $28,000. Meanwhile, a drop below the major support could drag the price between $17,500 and $16,000.
Was this writing helpful?
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.
Coinpedia Fintech News