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Could Bitcoin Have Ended the Downtrend? Important Bitcoin Price Analysis!

  • Bitcoin is testing an important trend break with a level of $25,800 on the weekly chart.
  • The BTC price can continue its upward trend by maintaining daily and weekly closes above the level of $24,600.
  • If weekly closes below the support level of $24,600 are made, the downward target for Bitcoin could be towards the levels of $23,900 – $22,960 – $21,947.

When we examine the price chart of Bitcoin, weekly trend break and critical support levels stand out. Closes above the level of $24,600 and downward targets will play an important role in determining the future movements of BTC.

Medium-Term Bitcoin Price Analysis

Daily BTC/USD Price Chart

Daily BTC/USD Price Chart

It is observed that Bitcoin has retreated to the levels of $24,800 with a sudden downward movement with the opening of the 4-hour candle.

This decline represents a long-awaited movement and represents a critical period for Bitcoin. If Bitcoin remains above the support level of $24,600 and achieves daily closes above the level of $24,600, it may lead to seeing the levels of $28,000 for the BTC price in the future.

Bitcoin price can rise to the levels of $28,000 by continuing its daily closes above the mentioned level of $24,600 in the analysis.

Currently, the BTC price is at the weekly support. Bitcoin has been making downward movements for about 2 months and is waiting for this critical support again for buying Bitcoin after the big whales sold BTC at the levels of $30,000 on April 15.

Can Bitcoin Reach $30,000 Levels Again?

Weekly BTC/USD Price Chart

Weekly BTC/USD Price Chart

When the weekly price chart of Bitcoin is examined, it is seen that it tested the weekly trend break with a level of $25,800 in the week of March 13.

BTC price can rise again to the levels of $30,000 by continuing its weekly closes above the blue region mentioned in the analysis.

In the weekly technical chart of Bitcoin, it is seen that it will want to continue the upward trend by staying above the blue region.

If the BTC price makes weekly closes below the level of $24,600, the downward targets can be predicted as $23,900 – $22,960 – $21,947.

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Crypto Vira
Crypto Virahttps://coinotag.com/
Alican is a young and dynamic individual at the age of 23, with a deep interest in space exploration, Elon Musk, and following in the footsteps of Atatürk. Alican is an expert in cryptocurrency, price action, and technical analysis. He has a passion for sharing his knowledge and experience through writing and aims to make a positive impact in the world of finance.
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