Past Performance of Bitcoin Bitcoin prices are relatively steady when writing, tethered to 28k, but the uptrend remains. Even though buyers are upbeat, the failure of buyers to push above the immediate resistance level at 29K is a concern. As laid out before, whether BTC will rally or dump depends on the reaction at 29K, marking Q1 2023 highs; and 26.6k in the near term. These are critical reaction levels that traders should watch out for as price action either aligns with the dominant trend from December to March, or dips in line with the bar of March 22.
#Bitcoin Technical Analysis Overall, traders are confident, looking at the development in the daily chart. There are lower lows relative to the upper BB, signaling waning momentum. This already shows, considering the light trading volumes of the past few trading days. At the same time, the failure of bulls to invalidate sellers means bears stand a chance especially if today ends up lower. For now, traders can wait for a clear trend definition, aware that any upswing above 29K may see BTC tear higher to 32k in a buy trend continuation formation.
What to Expect From #BTC? The uptrend remains despite decreasing volumes and waning upside momentum. Immediate support remains at 26.6k, and should sellers of March 22 flow back, BTC may crack to retest February 2023 highs at around 25k. In that case, the uptrend will be nullified. Resistance level to watch out for: 29K Support level to watch out for: 26.6k
Disclaimer: Opinions expressed are not investment advice. Do your research.