Bitcoin Held in a Crucial Area, Will BTC Price Break Out the Range or Drop Below Hard This Weekend?
Bitcoin price continues to accumulate gains of around the pivotal zones at $19,000 aiming to prevent a fine pullback below the yearly lows. The price is constantly retesting the $18,500 support levels following a rejection from the major bearish trendline while the 50-day & 100-day MA levels also stand refused.
If the asset rebounds from the current zone, then the above-mentioned pivotal levels may soon turn into pivotal resistance levels below $24,000. Therefore, if the BTC price is required to break above all of the pivotal levels, intending to reverse the ongoing bearish trend. Conversely, if the price fails to sustain above $18,000 and breaks down, then the market participants may witness a massive crash to $15,000.
Presently, the BTC price is trading within a very narrow range and has reached a decisive phase where-in the asset may make it or break it. The price is hovering around $18,500 and appears to be poised to undergo a break out of this range. With a breakout, the price may test the next target at around $19,500 in the coming week. However, to rise beyond these levels the BTC price needs to sustain above $18,500 over the weekend.
On the other hand, the final phase of the bear market may just have begun as the long-term investors may soon be compelled for redistribution. The Bitcoin long-term holder SOPR’s 30-day exponential moving average indicates that the holders are being capitulated over an extended period, mirroring the previous trend.
Therefore, after a notable consolidation, the price may tend to go parabolic as it happened in the previous times. However, it may certainly take several months of volatility which may be followed by multiple shakeouts. Eventually, the Bitcoin(BTC) price is expected to rise above the bearish trend in the next couple of months, but a bearish close for 2022 could be highly predictable.