Will the Decline in Bitcoin Soon Come to an End? Potential Scenarios and Technical Indicators!

  • With the decline experienced on Sunday, the week begins with a red candle for Bitcoin, as the BTC price struggles to absorb the overhead supply wave.
  • Nevertheless, any positive news could amplify the bullish trend momentum and lead to a sharp price spike.
  • Alongside the bull flag movement, overall market sentiment anticipates another bullish rally in the BTC price.

Bitcoin’s price managed to surpass $38,000 but later faced selling pressure: Will the price continue the downward trend? Current indicators!

Analysis of Bitcoin Daily Price Chart

bitcoin-btc

With the decline experienced on Sunday, the week begins with a red candle for Bitcoin, as the BTC price struggles to absorb the overhead supply wave. Sellers, facing another rejection at the $38,000 barrier, remain strong, pushing Bitcoin down by 0.92% on Sunday.

As the bearish momentum persists, as of the time of writing, the BTC price is recording a 0.29% decrease but forming a long wick candle. Overall, the weekend signals a bull failure and indicates another bear cycle within the flag pattern.

BTC-USD-1D
BTC/USD Daily Chart

With good news, however, buyers managed to sustain the recovery rally, forming the sixth consecutive green candle on the weekly chart. Marking a growth of 37.92%, the BTC price is striving to catch up with the November rally. The bull recovery aligns with positive sentiments in Bitcoin price predictions, signaling further signs of recovery.

Currently, the BTC price is trading at $37,356, showing a 0.29% intraday pullback. Nevertheless, any positive news could amplify the bullish trend momentum and lead to a sharp price spike.

Technical Indicators:

  • EMA: A positive trend in the 50D EMA and 200D EMA indicates significant growth. Furthermore, the bullish gap between the two average lines after the golden cross suggests a strong upward trend.
  • MACD Indicator: With a minimal bear gap between the MACD and signal lines, the downtrend movement may soon come to an end with a crossover.

Will BTC Price Enter a New Uptrend Rally?

Alongside the bull flag movement, overall market sentiment anticipates another bullish rally in the BTC price. Therefore, there is a possibility of an early reversal above the ongoing pullback stage. Additionally, the weekly trend, reflecting a strong bullish wave in motion, increases the likelihood of a rally.

Hence, with positive sentiments surrounding the largest cryptocurrency, the BTC price could rise by up to 12% and reach $42,000. On the other hand, the ongoing pullback may test the lower support trend line around $36,000.

BREAKING NEWS

Bitcoin Leads Crypto Stocks Rally as Dow, S&P 500 and Nasdaq Open Higher

As of October 27, risk assets posted a constructive...

Solana x402 Hackathon to Spotlight AI Payment Projects, Backed by Trends.fun’s mable and Solana’s Jacob Creech

COINOTAG News reports on October 27 that Trends.fun founder...

Reliance Global Group Expands Digital Asset Reserve with Solana (SOL) Acquisition

COINOTAG News, citing official sources, reports that Reliance Global...

BitMine Reaches $14.2B in Holdings with 3.313M ETH (2.8% of ETH Supply) as Five-Day Volume Reaches $1.5B

COINOTAG News, on October 27, citing official sources, reported...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img