Bitcoin price closed the third week after consolidating around $28,000 amid declining volatility. The calm before the storm has most crypto traders speculating on the next Bitcoin price breakout. A large portion of crypto analysts believe that a breakout towards $32,000 is imminent in the coming weeks.
Still, some crypto analysts have warned that the bulls are exhausted and that a drop to $25,000 is plausible. Additionally, multiple indicators have shown that a retracement is likely before the bulls take over the market.
For example, the 50 and 200 weekly moving averages are under the influence of the death cross. The daily RSI shows a falling divergence in a consolidated market. As a result, most crypto traders are bearish in the short-term market.
Bitcoin Key Levels to Watch Out For
According to popular trader and macro analyst Jason Pizzino in a recent YouTube video, bears are running out of time. Pizzino explained that smart money investors have been buying long-term assets, including Bitcoin, regardless of prices. Depending on the nature of the trading strategies, Pizzino stressed that the bitcoin price could go either way in the coming days after a three-week consolidation of around $28,000.
From an advanced technical perspective, Pizzino believes Bitcoin’s macro-bullish stance is being confirmed after the asset touched $42,000. In this regard, bitcoin price will have surpassed the 50 percent Fibonacci retracement.
market prospects
The focus of most cryptocurrency traders has shifted to the Ethereum-led altcoins market due to the upcoming Shanghai upgrade. The altcoin’s total market cap sits at around $602.24 billion and is poised to break out to the upside if the pressure continues.
Still, such a scenario could be invalidated if bitcoin price re-tests $28.6K, which will most likely lead to a breakout to the upside.
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