With the growth trend of new tokens such as PEPE or BRC-20 tokens, the price trend of Bitcoin has stagnated. As tokens approach the validation bearish pattern, it is expected that the price trend of popular tokens will continue to fluctuate
With the growth trend of new tokens such as PEPE or BRC-20 tokens, the price trend of Bitcoin has stagnated. As tokens approach the validation bearish pattern, it is expected that the price trend of popular tokens will continue to fluctuate. Although the price has just rebounded from the low point below $26000, it cannot prove to be a recovery of the bullish trend, so bulls are expected to be trapped for a period of time.
The BTC price has experienced a new price increase and successfully tested the 200 day moving average level. In addition, the Bitcoin MVRV-Z score has rebounded to a positive value, indicating that the bear market is about to end. In addition, the price also experienced a failed breakthrough, which means that the price cut off the downward support of the falling triangle and quickly rebounded to re-enter this mode. This also indicates the completion of the bearish retest, so prices may now be ready for a bullish breakthrough.
However, the bearish cloud does not seem to have largely subsided, as BTC prices are close to breaking the bull flag pattern. A popular analyst, RektCapital, believes that these levels of rejection may drag down BTC prices in the coming days.
Although prices are attempting to rebound, BTC prices need to reach the lowest level supported by $27600. Analysts believe that if prices can recover from levels around $27600, the trend may form a downward wedge as the situation is still active.
Overall, due to the failure of BTC prices to recover from the weekly range of $28800, the trend continues to be bearish. On the contrary, due to the failure to maintain temporary support, the price closed below $27600. Therefore, if the price of Bitcoin rises above the resistance level of $27600, there may be a significant increase; Otherwise, the trend may plummet to a low near $20000.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
