Bitcoin Price Prediction, Is BTC About to Make a Big Move

Bitcoin avoid a death cross and realign positively

In the past trading week, Bitcoin traded in a sideways fashion, struggling to surpass the $28,500 level. Geopolitical uncertainties influenced the market sentiment, and Bitcoin closed the week with pressure around $28,000. With the forthcoming CPI data release, Bitcoin may experience increased volatility, leading to extended fluctuations within the range of $27,000 to $28,500, or possibly even reaching $29,000 in the upcoming week.

Will the bulls breach the 100-day and 200-day EMA?

Bitcoin is aiming for a breakout above the $28,500 resistance, with potential for a strong upward move if this level is cleared. However, the 200-day Moving Average has been a challenge for bulls, causing price rejections and keeping it below $28,000. Notably, Bitcoin broke above a descending trend line earlier in 2023, and if it can maintain levels above the 100 and 200-day Moving Averages, it may reach $30,000. The RSI suggests a bullish trend, edging towards overbought territory and showing support from a bullish divergence.

Technical Views:-

According to Coingabbar Price Analysis, Bitcoin remains on a positive trajectory, holding steady above $28,000 after a brief consolidation. This resilience suggests an increased likelihood of a bullish reversal, potentially propelling BTC to higher levels. Notably, the 4-hour chart shows the formation of a triangle pattern with strong multi-contact support, reinforcing the possibility of an uptrend. Additionally, the presence of the 50-day EMA offers added support, limiting the downside potential.

KEY LEVELS :

RESISTANCE LEVEL : $28,300-$28,600

SUPPORT LEVEL : $27,600-$27,100

Will BTC break through the crucial $28,500 threshold and trend towards higher levels? Is it more probable to reach $25K or $30K first in the near future? Do pre-halving declines tend to yield profits for Bitcoin investors? Is Bitcoin teetering on the edge of a substantial price fluctuation, and if it is, which direction should we expect? Can we foresee a surge towards $30,000 happening in October? Please share your comments in the box below.

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.