- It is observed that the BTC price is moving close to the $29,500 level and there is a risk of a decline below this support.
- With the impact of US inflation data, there is a possibility of a decline to the support range of $29,279 – $29,144.
- If the price surpasses the $30,400 resistance, it is expected to move towards the resistance range of $31,000 – $31,300.
When focusing on Bitcoin’s technical chart, it is observed that the price is moving close to the support and resistance levels. When determining possible decline scenarios and upward targets, the impact of US inflation data should also be taken into consideration.
Medium-Term BTC Analysis
Daily BTC/USD Price ChartWhen examining Bitcoin’s daily technical chart, we observe that the price continues to move above the support range of $28,600 – $28,200. As long as the mentioned support zone remains intact, there is a potential for Bitcoin price to move towards the $32,000 level.
However, Bitcoin price needs to achieve daily candlestick closures above the $29,500 resistance. Closures above the $29,500 resistance have occurred in the past 2 days. Currently, the Bitcoin price is moving around $29,557. As long as the closures above the resistance continue, the initial upward target is set at $31,000.
If the Bitcoin price surpasses the $31,000 level, the next target of $32,300 comes into play. However, if the BTC price makes daily candlestick closures below the $28,200 support, it can extend the downward movement towards the $27,700 support.
Short-Term BTC Analysis
When analyzing Bitcoin’s 4-hour technical chart, it is observed that the BTC price is moving close to the $29,500 level. If the price makes 4-hour candlestick closures below this support level, it can extend the downward movement towards the support range of $29,279 – $29,144.
In the coming hours, with the announcement of US inflation data, there is a possibility of Bitcoin experiencing a decline towards the support range of $29,279 – $29,144. However, if the price encounters strong buying demand within this specified support range, there is a possibility of initiating an upward movement from this level towards the $31,000 level.
However, for Bitcoin to rise to the $31,000 levels, it needs to achieve 4-hour candlestick closures above the $30,400 resistance. If the BTC price surpasses the $30,400 resistance after the US inflation announcement, the target range of $31,000 – $31,300 stands out.
