Bitcoin price underwent a massive upswing during the last weekend that uplifted the price beyond the consolidation. The asset quickly surged by more than 8% to mar the daily highs close to $22,500. Woefully, the bears jumped in to extract their profits due to which the star crypto is consolidating just below $22,300. With a decent bullish narrative, BTC price is expected to continue ranging towards the north testing higher resistance ahead.
Bitcoin(BTC) Price Analysis for Short-Term
- Bitcoin price was following a significant uptrend along the trend line after it flipped from the monthly lows.
- No doubt the prices slid down slightly below the trend line but regained above these levels within no time
- The BTC price is expected to consolidate within the current range for some more time and decline towards the lower support as the bulls may get exhausted
- However, reaching the lower support, the asset may get a catapult action towards the upper target at $22,800 soon
Bitcoin (BTC) Price Analysis for the Long Term
- The BTC price in the long-term appears to be pretty bullish as the price is attempting hard to rebound hitting the lower bottom
- For the past 2 weeks, the asset has been witnessing equal bullish and bearish pressure and hence the current week’s trade may be pretty decisive
- On the other hand, the volume has surged significantly high which may keep up the volatility
- Eventually, the BTC price may undergo a u-shape recovery and regain the lost levels in the upcoming days