Bitcoin Price Prediction, Bears Rule as Bulls Retreat
- The price trend of BTC exhibits a reversal after encountering resistance at $38,000, leading to a subsequent pullback phase.
- On November 24, the Bitcoin price surged to reach a local peak at $38,400, subsequently retracing to $37,100.
- Presently, Bitcoin is situated beneath both $37,500 and the 100-hourly moving average.
Bitcoin is facing challenges in establishing stability above $38,000.
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According to Coingabbar Technical Analysis, The 4H chart shows that the BTC/USD pair has formed an ascending channel in the past two months.
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Bitcoin attempted to breach the upper side of the channel but was unsuccessful, leading to a subsequent fall.
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Bulls are facing challenges in overcoming the $38,000 resistance.
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Bitcoin's daily chart reveals the formation of a bullish flag pattern.
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Despite this pattern, BTC is encountering difficulties in achieving a breakout.
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A successful bullish breakout from the flag pattern has the potential to propel BTC's price above $40,000.
KEY LEVELS :
RESISTANCE LEVEL : $37,500-$38,000
SUPPORT LEVEL : $36,800-$36,300
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.
