As of now, the BTC is being traded at 61040.7 with a small decrease of -0.84%.
The price of Bitcoin continues to slowly move, resembling a descending wedge pattern instead of consolidation, possibly leading to a 20% increase once it breaks out successfully. Nevertheless, according to the momentum indicators, there is a possibility of further decline before BTC completes the bullish reversal formation.
The RSI has been consistently decreasing since roughly mid-March, suggesting more potential for a negative trend. These indicate that the decrease trend could continue in the short run.
Therefore, the price of Bitcoin may drop further to the $60,000 support level or below, presenting another chance to buy in the $55,000 range.
However, in case the $60,000 mark keeps acting as a support, there is a possibility for Bitcoin's price to rebound before surpassing the upper trendline of the pattern. With a very optimistic scenario, if Bitcoin closes a candlestick above $65,550, it may rise to reclaim the $73,777 high, leading to a potential 20% increase towards the profit target within the falling wedge, aiming for $76,000 and $79,000.
The price of Bitcoin continues to slowly move, resembling a descending wedge pattern instead of consolidation, possibly leading to a 20% increase once it breaks out successfully. Nevertheless, according to the momentum indicators, there is a possibility of further decline before BTC completes the bullish reversal formation.
The RSI has been consistently decreasing since roughly mid-March, suggesting more potential for a negative trend. These indicate that the decrease trend could continue in the short run.
Therefore, the price of Bitcoin may drop further to the $60,000 support level or below, presenting another chance to buy in the $55,000 range.
However, in case the $60,000 mark keeps acting as a support, there is a possibility for Bitcoin's price to rebound before surpassing the upper trendline of the pattern. With a very optimistic scenario, if Bitcoin closes a candlestick above $65,550, it may rise to reclaim the $73,777 high, leading to a potential 20% increase towards the profit target within the falling wedge, aiming for $76,000 and $79,000.