Bitcoin Price Analysis: Will BTC Price Sustain Above $21,000 Until the Quarterly Close?
Bitcoin price is swinging around $21,000 for the past couple of hours being pretty uncertain of the upcoming trend. Currently, the asset is experiencing extreme bearish pressure that could eventually break the lower trend line and test the crucial support again. However, the asset had previously bounced multiple times from these levels and hence a similar price action may be expected now.
Bitcoin (BTC) Price Bullish in Short-Term
The crypto space is undergoing a roller coaster ride as the BTC prices swinging between $20,500 and $21,800 for a pretty long time. However, the lower support was held firmly and kept elevated indicating the resurgence of a bullish trend very soon. On the other hand, the depleting volume remains a matter of concern that may turn the tables for the asset.
The 4-hourly chart of BTC displays a huge possibility of a breakout beyond $22,300 as the asset is trading within an ascending triangle. This bullish outlook may continue until the first fortnight of July as the ascending consolidation is yet to reach the apex. Moreover, amid the current uncertainty, the asset may be compelled to slice through the lower trend line and visit the crucial support again. However, the previous price action may mirror and the price could rebound firmly to its target.
BTC Price Extremely Bearish in Long-Term
On the contrary, the star crypto is flashing huge bearish signals in the long term as it appears to be on the verge of mirroring the previous bearish pattern. The BTC price earlier plunged nearly 40% as an outcome of the bearish flag. After a steep drop, the asset consolidated and again formed a bearish pennant which may drag the price much lower.
The Bitcoin price has reduced its volatility as it is on its way to the apex of the pennant. As the pattern is bearish, very fewer chances of a breakout may be expected. Moreover, the asset may slash hard with a similar momentum and could also reach levels below $10,000 too. Therefore, to avoid this drop, the Bitcoin(BTC) price is required to sustain above $21,000 by the end of this quarter. Else bearish may continue to capitulate the market, from the beginning of Q3.Source