A heated conflict between bulls and bears has started as a result of the extreme price swings in the major cryptos. The current Bitcoin price appears to be quite unstable, which suggests bigger goals for the cryptocurrency. However, it is anticipated that the price will soon intensify its trend and experience significant price movement over the coming few days.
The lower support that collides with the lower ascending trend line and served as a sturdy basis for BTC price when negative actions were present. Currently, the BTC price has risen significantly above the trend line; therefore, even if bearish action begins, these levels may provide the necessary base for a rebound. But will there be a temporary decline in the price of BTC or will bitcoin go back up (read in detail at coinpedia)? A response to outside events has been seen in the price of bitcoin. The PCE index will be issued at 8:30 a.m. EST, and the FEDS prefers the core PCE as a measure of inflation. The future index is therefore anticipated to function as a market-moving economic indicator. The volume has risen above $30 billion after remaining below such levels for about a month, therefore the BTC price is still expected to grow.
The price is expected to maintain a robust upswing and initially break through the temporary resistance at $30,024, as the RSI is rising. It is anticipated that the price will remain stable here for a while, after which a good rise might push the levels beyond $31,063 before the month's trading closes. The bears might enter the market, though, if the price rises above $30,000; otherwise, it looks like the bulls will continue their solid ascent. Key Levels to Keep a Close Watch: - Resistance: $31,359
- Support: $27,025
- Moving Average (MA)-50: $27,665.59
- Moving Average (MA)-200: $21,650 .81
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