- Bitcoin (BTC) price, if it encounters strong buying reactions from the support range of $28,990 – $28,700, it can aim for levels of $31,000 and $32,000.
- If the BTC price closes below the level of $28,700 on a 4-hour basis, the downward trend can continue towards the support range of $28,234 – $27,800, which is the OTE zone.
- If the Bitcoin price establishes sustainability by closing above the level of $29,500 on a 4-hour basis, the mentioned bearish scenarios in the analysis will lose their validity.
According to technical analysis, the Bitcoin (BTC) price has the potential to rise with strong buying reactions from the support range of $28,990 – $28,700. However, closing below the level of $28,700 on a 4-hour basis can bring the continuation of the downward trend.
Medium-Term BTC Analysis
Daily BTC/USD Price ChartWhen we examine the daily technical chart of Bitcoin, it can be observed that it continues its sideways movement below the important support level of $29,500. Today, due to the 25 basis point interest rate hike announced by the FED, the BTC price has risen to the levels of $29,437. Currently, the Bitcoin price continues its movement at the levels of $29,315.
If the BTC price cannot close above the mentioned $29,500 level on a daily basis, it can sustain the downward movement towards the important support range of $28,600 – $28,200. Therefore, it should be noted that when BTC experiences a decline to the mentioned support range, it is of great importance for it to encounter strong buying reactions from this zone.
The closing support that needs to be followed for the BTC price that falls to the critical support range of $28,600 – $28,200 is at the level of $28,000. As long as the BTC price continues its daily closings above the level of $28,000, it can initiate the upward movement from the levels of $28,600 – $28,200 and first aim for the level of $31,100, and then towards the levels of $32,300.
Short-Term BTC Price Analysis
If the Bitcoin price encounters strong buying reactions from the support range of $28,990 – $28,700 mentioned in the analysis and rises from this support zone, it can first aim for the level of $31,000, and then towards the levels of $32,000.
However, if the BTC price closes below the level of $28,700 on a 4-hour basis, it can continue the downward movement towards the support range of $28,234 – $27,800, which is the OTE zone. If Bitcoin encounters strong buying reactions from this support range, it can initiate the upward trend from this zone and aim for the $32,000 level.
In summary, if the Bitcoin price establishes sustainability by closing above the level of $29,500 on a 4-hour basis, the mentioned bearish scenarios in the analysis will lose their validity.
