Bitcoin price continues to exhibit bullish behavior in various time frames. There is a potential rise towards $35,290 on the horizon. The three-day chart shows that the uptrend in 2023 will continue. However, the daily chart points to a possible consolidation and pullback before another upside move. In this article, we want to give an idea about the future trajectory of BTC. Therefore, we will examine the price movements in different time frames.
Bitcoin price analysis from the weekly time frame
On the weekly chart, bitcoin price is approaching a retest of the $31,839 level, which is the midpoint of the range between $48,192 and $15,487. From a long-term perspective, a pullback would be ideal after testing the $31,389 barrier.
Let’s say that Bitcoin could face resistance at $35,290 on a weekly basis. On the other hand, it should be noted that this can also act as a local hill. This level coincides with the midpoint of Bearish Breaker. It also creates a stampede that will take profit purchases of short-term holders.
BTC price analysis from the three-day time frame
The three-day chart gives a more subtle insight into Bitcoin’s price dynamics. Price action remains relatively stable. Also, key indicators play a very important role in determining a potential rally. The Relative Strength Index (RSI) has formed a double bottom around 42. The average climbed above the 50 level, signaling an increase in bullish momentum.
Awesome Oscillator (AO) initially pointed to a bearish regime for Bitcoin. However, the histogram bars below the zero line have been showing bullish signs lately as they turn green and attempt a crossover. Additionally, the Wave Trend indicator signals a potential bullish crossover below the zero line, signaling the continuation of the 2023 bull rally. Collectively, these indicators show that the bullish momentum on the three-day chart is not yet fully realized.
BTC price analysis from daily timeframe
Analyzing the daily chart, it can be seen that the recent rally has sucked up buyer liquidity around $30,000, corresponding to the highs formed between April 26 and May 6. Considering the upcoming weekend, the probability of the uptrend continuing for BTC is relatively low.
cryptocoin.com When we look at it as a whole, Bitcoin price is expected to consolidate and form a range. A minor pullback to $28,545 is possible if short-term investors decide to split their profits. Patience is very important for investors trading in this time frame.
Analysts view of Bitcoin price stability
Bitcoin, the largest cryptocurrency by market value, has been on the agenda for a long time with its unpredictable volatility. However, recent price movements have prompted renowned market analyst CrediBULL Crypto to reassure over 341,000 Twitter followers that the Bitcoin price is stabilizing in the $29,000 to $30,000 range. It is important for Bitcoin to successfully recover and hold the $30,000 resistance level. It also marks a significant improvement as it has served as a supporting ground for more than 24 hours. CrediBULL Crypto predicts that if the $30,000 support is maintained, it could potentially trigger an accelerated move to all-time highs.
Key factors driving Bitcoin’s rise
There are a few key developments that stand out in the digital currency and broader investment landscape. Accordingly, these developments add to the positive sentiment surrounding Bitcoin. First, Tether Holdings Limited, a leading stablecoin issuer, announced that it plans to invest in Bitcoin mining and use the cryptocurrency to strengthen its reserves. Accordingly, this strategic move aroused interest. It also instilled confidence in the market.
On the other hand, there is potential approval of the first spot Bitcoin ETF application by the SEC. Accordingly, it has raised hopes for Bitcoin to retest new highs not seen for months. In addition to this, the upcoming Bitcoin Halving event has caught the attention of investors. Signs of a front run are already starting to appear as investors prepare for potential price hikes.
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