Bitcoin Price Prediction, Will BTC price resume its recovery

To reach $30K, BTC needs an uptrend above $28K and the 200 Day MA

Last week, Bitcoin faced resistance at $28,500, leading to stable price action. Its recent price decline is influenced by various factors, including external events and broader market trends. On Monday, Bitcoin experienced a second consecutive drop as traders shifted from risky assets amid rising Middle East tensions.

BTC trading within a range, what's the next move?

In the recent week, BTC's trading range has been between $28,200 and $27,200, marked by price fluctuations. On the daily chart, it encounters resistance from the 100 and 200 Day Moving Averages, while finding support near the 21 Day Moving Average. Currently, BTC remains below the resistance trendline, indicating a prevailing bearish sentiment. For those with an optimistic outlook, it's important to monitor for a clear bullish breakout above the resistance level, which could signal the end of the bearish phase and the beginning of a new bullish trend. 

Technical Views:-

According to Coingabbar Price Analysis, Bitcoin has faced persistent resistance, causing a nearly two-month downward trend. On the 4-hour chart, it's in an upward channel with solid support around $27,200, mainly from the 100 Day EMA. A triangle pattern with a support trendline hints at a potential uptrend. A bullish breakout from the upper trendline could initiate a recovery, with Bitcoin maintaining a bullish stance above $27,500. If momentum persists and external factors remain favorable, Bitcoin might soon challenge and breach the crucial $28,500 level.

KEY LEVELS :

RESISTANCE LEVEL : $28,100-$28,600

SUPPORT LEVEL : $27,200-$26,800

Is October a crucial month for Bitcoin's bullish reversal? Can Bitcoin sustain its position at $27,200 and breach the critical $28,500 barrier to secure additional gains? In the near future, will it reach $25K or $30K first? What should we expect following the halving event? 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.