- Bitcoin’s short-term technical chart shows that it has started to rise with strong buying pressure, encountering the level of $29,900.
- However, the BTC price has started to lose strength from the $29,900 support and has the potential to make a downward movement towards the support range of $28,900 – $28,700.
- The critical support level of $29,500 for investors could be decisive for the future direction of Bitcoin.
When examining the movements in Bitcoin’s daily technical chart, it can be observed that it started to rise with strong buying pressure from the level of $29,900. However, the support levels that need to be carefully monitored in the coming hours are of great importance for the future movement of BTC.
Medium-Term BTC Price Analysis
Daily BTC/USD Price Chart
When examining Bitcoin’s daily technical chart, it can be seen that it made a downward movement to the levels of $30,200 again, encountering selling pressure from the level of $31,800. However, as long as the BTC price successfully maintains the $29,900 support, it has the potential to start new upward movements.
If the Bitcoin price achieves daily candle closes above the mentioned level of $29,900 as indicated in the analysis, it can bring the rise back to the levels of $31,000. In this case, Bitcoin investors anticipate that by following the closes above the $29,900 level, the rise can continue towards the $32,400 level.
If the BTC price achieves daily candle closes above the $32,400 level, it can reach the next upward movement up to the levels of $34,700. However, if the Bitcoin price achieves daily candle closes below the $29,900 level, it will expand the downward trend towards the levels of $29,500.
If the Bitcoin price manages to sustain daily closes below the $29,500 level, it is possible to continue the decline towards the support range of $28,600 – $28,200. Therefore, Bitcoin investors attach special importance to daily closes above the $29,500 support.
Short-Term BTC Price Analysis
2-Hour BTC/USD Price Chart
When examining Bitcoin’s short-term technical chart, it can be seen that it has made upward movements with strong buying pressure despite touching the level of $29,900 several times.
However, the BTC price has started to lose strength from the $29,900 support. If Bitcoin cannot sustain this support strongly in the coming hours, it can initiate a sharp downward movement towards the support range of $28,900 – $28,700.
Therefore, it is of great importance for BTC to receive strong buying reactions from the support range of $28,900 – $28,700. If Bitcoin encounters significant buying pressure from this support range, it can initiate the rise towards the levels of $32,000. However, if BTC closes below $28,700 on a 4-hour basis, it can expand the downward trend towards the levels of $28,250.
