Bitcoin Price Forecast: What is Needed to Initiate an Upward Movement?

Medium-Term BTC Analysis

Looking at the daily technical analysis of Bitcoin, the BTC price is currently moving at $25,965 and is very close to the $25,800 support level. As long as the BTC price achieves daily candle closures above the mentioned $25,800 support level, it can aim to start its uptrend from this area and first reach the $27,000 level and then the $28,300 level.

However, if the BTC price sees daily candle closures below $25,800, it can extend its downward movement to the $24,600 level. If the support at $24,600 is also broken, a further decline towards the next support at $23,976 may occur.

If daily closures are made above the $25,800 support, the upward scenario mentioned in the analysis may be valid.

Short-Term BTC Analysis

Looking at the 2-hour technical analysis of Bitcoin, it can be seen that the BTC price is making efforts to maintain the $25,900 support. If the BTC price falls below the $25,900 support, it can extend its downward movement to the $25,700 – $25,600 range.

If Bitcoin manages to hold above the $25,600 level, it may aim to move towards the $27,000 level. However, if BTC achieves hourly closures below $25,600, it can extend its decline to the $25,200 level.

Stable closures above the yellow resistance range mentioned in the analysis can further increase the potential for an uptrend.