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

  • Bitcoin is trying to maintain the $25,900 support; if it falls below, it has the potential to drop to the $25,700 – $25,600 range.
  • If it manages to hold above $25,600, BTC may aim for the $27,000 level.
  • Stable closures above the yellow resistance zone indicate that the uptrend could gain strength.

According to the 2-hour technical analysis of Bitcoin, it is trying to maintain the $25,900 support level. If it falls below this support level, it can extend its decline to the $25,700 – $25,600 range. On the contrary, if it manages to stay above $25,600, it has the potential to rise to the $27,000 level. Stable closures above the yellow resistance zone can increase the potential for an uptrend.

Medium-Term BTC Analysis

Daily BTC/USD Price Chart

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

2-Hour BTC/USD Price Chart

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.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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