Kelvin Munene Murithi
The cryptocurrency community witnessed an intriguing scenario as Bitcoin (BTC) attempted to breach the $28,000 mark, only to face a temporary setback. However, CrediBULL Crypto, an analyst, reassures that despite this minor setback, nothing fundamental has shifted in the grand scheme of things.
Furthermore, bullish momentum gained the upper hand in the previous 24 hours, with negative momentum swept under the rug when support was established around $26,415.52. As a result, the BTC price soared to an intra-day high of $27,414.73 before plummeting and retracing to $26,731.25, a 0.80% increase from its previous low at press time.
BTC/USD 1-day price chart (source: CoinMarketCap)
CrediBULL also emphasized the significance of keeping a long-term perspective, stating,
“If we reject from 27k, I am expecting a higher low and continuation up, regardless of where that higher low occurs.”
This tenacity in the face of short-term changes demonstrates Bitcoin’s persistent optimism about its potential.
BTC/USD Technical Analysis
Consequently, if positive momentum in the BTC market pushes prices over $27,414.73, the next resistance level to monitor is around $27,800, and a break above this level may imply a continuation of the uptrend above $28,500.
Conversely, a breakdown below $26,000 in Bitcoin’s price might signal a pullback towards or below the $25,000 region if negative pressure prevails.
BTC/USD 4-hour chart (source: Tradingview)
On the BTCUSD 4-hour price chart, the stochastic RSI rating of 66.67 and movement below its signal line indicate a modest drop in positive momentum. If the stochastic RSI falls below 50, it may suggest a more pronounced change toward negative sentiment.
However, if the stochastic RSI remains above 50 and rises back into the overbought zone, it might indicate a continuation of the current trend and more significant gains for BTC.
A rate-of-change rating of 0.92 and a negative trend support the idea of a possible drop in bullish momentum. Consequently, a continuous negative trend in the rate of change might suggest a slowing of price rises and potentially a trend reversal. In contrast, if the ROC begins to steady or turn higher, it might indicate fresh bullish momentum and the continuation of BTC’s upward trajectory.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
