Bello
Bitcoin’s price has recently rebounded from $25K support, but it is currently facing rejection from a key resistance zone.
The price must overcome this resistance to retest the $30K level. Conversely, if BTC fails to maintain its bullish momentum and falls below $25K, the market will likely decline towards the $20K area.
In the short term, the 4-hour chart suggests a bullish outlook. The price has broken above a large falling wedge pattern, a classic bullish reversal signal. From a classical PA perspective, BTC’s price is expected to rise again toward the $30K resistance level.
Bitcoin’s price has experienced a significant downtrend in the past few months, falling below the 100-day and 200-day moving averages. This decline has raised speculation about Bitcoin’s ability to break through the critical support at $25K successfully.
On the daily timeframe, the price has been rising after finding support near $25K. However, the 50-day moving average, around $27K, is pushing the price down. Another significant resistance level is the 200-day MA, trending near $28K.
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