BTC Price Prediction: After three weeks of the consolidation phase, the Bitcoin price breached a local resistance of $28800, signaling the resumption of a bullish recovery. Thus, the BTC price has surged 8.5% in the last five days and reached the $30000 mark for the first time in 10 months. Here’s how you can trade this breakout to grab a potential recovery opportunity. 

Key Points

A potential pullback could plunge the Bitcoin price by 4-5% to recuperate the bullish momentum of $29000 support.
The Bitcoin Fear & Greed Index at 61 reflects the market sentiment supporting the resumption of prevailing recovery.
The intraday trading volume in Bitcoin is $18.5 Billion, indicating a 0.15% loss

Source-Tradingview

On April 10th, the Bitcoin price breakout from the combined resistance of $28800 and 0.238 Fibonacci retracement level offered buyers a significant launchpad to prolong the bullish recovery. As of now, the Bitcoin price trades at the $30302 mark with an intraday gain of 0.84%. 

The daily chart showcasing a higher wick rejection near $30000 indicates the traders are booking early profit at the psychological resistance. These rejection signs could trigger a temporary pullback and tumble prices 4-5% down to retest flipped support of $29000-$28800.

Also Read: What Are Bitcoin Ordinals And How Do They Work?

If the prices manage to sustain above the aforementioned support, interested traders can look for an entry opportunity to go long. With sustained buying the Bitcoin price is likely to be $32150, followed by $35200.

Concisely, a daily candle closing below $28800 could tumble the prices back to the $26750 mark.

Technical Indicator

RSI: The daily RSI slope struggling to surpass its last swing high indicates weakness in bullish momentum and a higher possibility for an aforementioned retest.

Bollinger Band: the midline of the Bollinger Band indicator can act as dynamic support carrying the ongoing recovery.

Bitcoin Price Intraday Levels

Spot rate: $30458
Trend: Bullish
Volatility: Medium
Resistance levels- $32150 and $35200
Support levels- $28800 and $26750

The post BTC Price Prediction: Bitcoin Price Hints 4-5% Pullback Before the Bull Run Continues appeared first on CoinGape.

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Filed under: News - @ April 13, 2023 1:26 pm