- Bitcoin has the potential to continue its upward trend as it tests the resistance level of $26,125 for the third time.
- Staying above the level of $25,950 could strengthen the upward movement of BTC.
- The US Annual Inflation data is expected to affect the price of Bitcoin.
According to the short-term technical analysis of Bitcoin, the performance of the price above the resistance level of $26,125 and the preservation of the support level of $25,950 are among the determining factors for the upward trend. Additionally, the US Inflation data to be announced today may affect the price of Bitcoin.
Medium-Term BTC Price Analysis
When the daily technical chart of Bitcoin is examined, it can be seen that the price is trying to make an upward movement from the important support zone of $25,400.
In order to continue the upward trend in the daily time frame, the BTC price must achieve 12-hour candlestick closures above the level of $26,850.
For Bitcoin to truly start the upward trend, it needs to make daily candlestick closures above the level of $27,250.
However, if the BTC price cannot break the resistance of $27,250, it may retreat towards the range of $25,200 – $24,600 with a downward movement.
In summary, according to the daily technical analysis of Bitcoin, the support level of $25,400 should be followed as an important point, and if the price exceeds the levels of $26,850 and $27,250, the upward movement may strengthen. However, if it cannot break the resistance of $27,250, a downward movement may be expected.
Short-Term BTC Price Analysis
When the short-term technical chart of Bitcoin is examined, it can be seen that the price is exhibiting a horizontal movement at the important resistance level of $26,125.
Bitcoin has the potential to continue its upward trend by breaking this resistance level for the third time.
However, if Bitcoin performs a downward movement from this level, it may fall to the levels of $25,950. If the Bitcoin price stays above the level of $25,950, it may continue the upward movement.
The US Annual Inflation data to be announced today may affect the price of Bitcoin. However, if BTC stays above the level of $25,950, it may have the desire to continue the upward trend towards the level of $26,600.
