bitcoin price It started a fresh decline from the $27,000 levels and tested the low $26,500 support. The price is currently trading below the 100-day MA, revealing the possibility of further declines if the support levels are retested.
The price has failed to gain strength lately and has formed a short-term top, resulting in a bearish move. The current price trend is not likely to continue for long, as the bulls seem to have made up their minds for bullish price action.
The price is currently moving in 50% fluctuations and the first surge was seen in January-February 2023, with lows around $16,600 and highs set around $25,500. However, after 50% appreciation, a decent pullback from $25,000 to $20,000 was triggered. The next surge was 50% in the first few days of March, with the price reaching levels from around $20,000 to close to $29,000.
Interestingly, this swing continues as the BTC price remains in flux.
Therefore, the next upcoming surge is also expected to be around 50% minimum, which could occur after a minor pullback in BTC price. This pullback could be triggered by the $30,000 levels, which could be in line with the price’s previous swings in 2023.
Therefore, the next swing might trigger lows around $24,500, while the bulls could move the target around $37,500.
Therefore, the current phase suggests a significant price drop is likely, but the pullback certainly may not present the trend to test $30,000. However, there may be a significant drop at this stage, which could intensify the bearish action. It is believed that the bulls will remain passive until the bears are exhausted, after which a notable rise could begin to reach beyond $35,000.
You can follow the current price action here.