Bitcoin Price Analysis: BTC Price May Leave the Pennant Soon; Here’s Where It May Reach
The post Bitcoin Price Analysis: BTC Price May Leave the Pennant Soon; Here’s Where It May Reach appeared first on Coinpedia Fintech News
The Bitcoin price is struggling to rise above $62,000 as the bulls are finding it extremely difficult to hold the support at $61,000. The current trade setup suggests the BTC price is moving within a bearish structure, due to which the lower targets below $55,000 have been activated. As the Bulls have failed to keep up the ascending trend, the possibility of visiting the lower support emerges. Regardless of the bearish possibilities, the token still holds fewer chances of greener days.
The order book is one of the important tools that can be used to access market sentiments. It mainly indicates the current buy orders and sell orders for a specific crypto. In a recent update, the sell wall of the BTC price has been broken, which was cemented at $60,000 for over a few days now. This suggests that the market participants are not willing to sell the token or probably have not placed stop losses at these levels, which is a bullish indicator.
With this, will the BTC price reclaim $65,000 in the second half of the month?
Some time ago, the Bitcoin price entered a falling channel, where it fell to a resistance level and soon broke it, forming the lows below $55,000. Although the price made a retest, it remained for a short time as the price again began to decline. In a while, the BTC price fell to support and also breached the levels, exiting the pennant. Currently, the token is heading towards the local support of around $57,600 and if the bulls fail to hold these levels, the bears may drag the levels back below $55,000 soon.
Unfortunately, the Gaussian channel has turned bearish in the short term, while the trend has also maintained a steep descending trend. Besides, the RSI has hit the ground and is unable to rise above the support. Therefore, the Bitcoin (BTC) price is believed to remain under bearish pressure and test lower targets below $58,000 initially. If the bulls fail to trigger a rebound, the price may face extreme selling pressure, diving to levels close to $54,500 in the coming days.