Bitcoin Price Analysis: That's why the post about Bitcoin prices falling back to the support zone first appeared in Coinpedia Financial Technology NewsThe cryptocurrency market is on the rise! Bitcoin prices are going up! Shanzhai coins also show signs of rising trend! Is the market at the beginning of a bull market?After a significant increase, Bitcoin prices are consolidating, and bears are limiting the rise to below $30000. However, the bulls also appear calm as they are confident in a good uptrend in the coming days
Bitcoin Price Analysis: That's why the post about Bitcoin prices falling back to the support zone first appeared in Coinpedia Financial Technology News
The cryptocurrency market is on the rise! Bitcoin prices are going up! Shanzhai coins also show signs of rising trend! Is the market at the beginning of a bull market?
After a significant increase, Bitcoin prices are consolidating, and bears are limiting the rise to below $30000. However, the bulls also appear calm as they are confident in a good uptrend in the coming days. Despite the bullish outlook, the possibility of a bearish pullback also hangs over star cryptocurrencies.
Since rumors of the approval of Bitcoin ETFs by the US Securities and Exchange Commission (SEC) spread, Bitcoin prices have risen significantly, but they were quickly digested. At present, Bitcoin prices seem to be in a decisive region. Babenski is a popular cryptocurrency analyst who has drafted possible bullish and bearish scenarios for BTC prices.
In the long run, Bitcoin prices are in a bullish mode. After recent pullbacks, BTC prices have formed a second bottom, thus completing a double bottom pattern. The neckline of this form is located in the area between $31000 and $32000, so the price will soon reach these levels. However, breaking through and stabilizing above these levels may trigger new bullish signals, testing higher targets.
Considering the daily chart, Bitcoin prices are flickering with bearish signals, as rejection of current levels may create a head and shoulder pattern. Following this pattern may result in the formation of the right shoulder of the pattern, indicating that rejection may lead to prices moving towards the neckline. In addition, analysts believe that the sustained bearish trend will bring Bitcoin prices to a liquidity zone below $25000. Here, a good rebound may be triggered, raising prices to nearly $40000, indicating the beginning of a bull market rebound.
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