Bitcoin Price Analysis: Crucial Levels to Watch as BTC Price Goes Flattish Amid Market FUD

Bitcoin Price Analysis: For over a week, the Bitcoin price has been hovering above the $27000-$26780 support, showcasing indecisiveness among market participants. The daily candles with multiple lower tails reflect the buyers are accumulating at the aforementioned support. If the buying pressure persists, the BTC price will witness a minor upswing to rechallenge the resistance trendline of the channel pattern.

Key Points:

• The ongoing correction phase is still above the 50% Fibonacci retracement level indicating the Bitcoin price is bullish in the long term.
• Several rejection candles at the $27000 level validate it as a strong demand zone.
• The intraday trading volume in Bitcoin is $14.3 Billion, indicating a 4% loss.

Source-Tradingview

By press time, the Bitcoin price traded at the $26894 mark with an insignificant gain of 0.01%. The prices still moving sideways above $27000-$26780 support keeps several cryptocurrencies in uncertainty.

However, in the midst of the current consolidation, the BTC price showed a reversal from the support trendline of the channel pattern. This reversal and strong support from $27000 suggest the coin price is likely to rise high in coming trading sessions.

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The potential rally may surge the prices 7% higher to hit the channel pattern’s resistance trendline. However, until this overhead trendline is intact, the Bitcoin price may extend the correction phase to lower levels.

Thus, a breakout above the resistance trendline is needed to kickstart a new recovery rally that may surpass the last swing top of $31170.

Technical Indicator

Moving Average Convergence Divergence: The MACD(blue) and signal(orange) line goes flattish accentuating the sideways trend in the market.

Bollinger Band: The lower back of the BB indicator showing a downslope indicates the bearish momentum in the market is still aggressive.

Bitcoin Price Intraday Levels

• Spot rate: $26893
• Trend: Bullish
• Volatility: Trap
• Resistance levels- $27800 and $29800
• Support levels- $26786 and $25200

Source