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11 months ago
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ARTICLE AD BOX
The post Bitcoin’s Bearish Trend Has Been Activated; However, a Healthy Rebound is Not Far Off! appeared first on Coinpedia Fintech News
The Bitcoin price manifested an iconic journey throughout 2023, with a rise of over 180%. Although the approval of the spot ETF did not have a positive impact on the Bitcoin price, the bulls are trying hard to sustain above the support zone. With this, the possibility of a healthy ascending trend remains high as the price is heading towards the crucial demand zone.
Recently, the price volatility was slashed hard, with the trend remaining flat and failing to rise and decline towards the lower support level of $41,600. This was followed by a narrow consolidation along this level, which coincided with the support area and triggered a bounce, which initiated a notable rise. The price did rise to the resistance level, but with a bounce back, it made a strong upward impulse to the resistance line.
Now that the token has broken the support line and triggered a strong impulse down, will the BTC price initiate a retest? If yes, here is when it may do so.
The short-term trade analysis indicates the BTC price to be trading under bullish influence as the price is trying hard to rise above the descending line, acting as a strong support. Even though the trend is stuck within a descending triangle, the bulls are trying hard to pierce through the upper resistance. If not, the token may drop to lower support just below $42,000 at $41,913, followed by a rebound. As RSI is incremental, larger chances of a bullish reversal could prevail.
Despite a bullish case being built, the Bitcoin price is required to reach the crucial resistance zone between $45,323 and $45,597 in the short term. However, in the long term, a massive bearish signal is flashing, which is expected to drag the Bitcoin price lower than the current support. This may certainly be a huge bearish signal, but a decent retest could initiate a fresh bullish trend very soon.
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