- Bitcoin daily candle rejected from the same support it held back in April.
- Now, this support level is acting as a resistance level instead.
- Can BTC pull off one more new ATH price before the bear market begins?
Hopes for a bullish turn for the price of the pioneer crypto asset, Bitcoin (BTC), seem to have been thwarted by Bitcoin daily candle rejected from the same support held back in April. This level has now turned into a new resistance level, leading to a rising bearish sentiment instead. Can the price of BTC still pull off another move to bring back a bullish reversal move this year?
Bitcoin’s Daily Candle Rejected From the Same Support Help in April
Since the $20 billion liquidation event, several analysts have been keenly and critically observing the crypto market and the many factors and indicators that would determine where the price of BTC would move next. After over a week of observations, analysts have concluded that chances for a bullish reversal are there, but not as prominent as bearish dumps for the price of BTC.
In line with these opposing points of view, the bearish turn expects the price of BTC to sink as low as $100,000 and then test that area. Bearish analysts expect the price of BTC to fail here and drop even further to 5-digit prices. These 5-digit price expectations vary between $95,000 on the weakest drop and $65,000 on the strongest drop. However, on the bullish front, new ATHs are expected.
To elaborate, bullish analysts believe BTC has one more major pump in it before it will hand over dominance to altcoins and finally allow altseason to commence. This major rotation into altcoins is expected only after BTC hits one more new ATH price in the $130,000 – $150,000 price range and when ETH breaks and holds above the $5,000 price target. At the moment, there is still hope for another new BTC ATH price to be hit.
Bitcoin Now Faces a New Resistance Level
Yesterday, Lark Davis, a prominent BTC trader and analyst, stated that BTC was moving into a very interesting pattern, which was the MACD curling up for a bullish crossover, leading to RSI breaking out. He said if this pattern played through, then BTC couple have pumped back to the $113,000 price range, and could have gone on to hit higher prices, matching the expectations of the bullish analysts.
As we can see from the post above, this bullish move did not play out. Instead, Bitcoin’s daily candle was rejected from the same support it held back in April, which is now acting as resistance. On the positive side, the analyst notices that there is a major confluence forming around the $100,000 price range, where previous swing low horizontal support held and where the weekly EMA 50 is lining up. He concludes by saying that this zone is where the bulls have to hold the line.
