Bitcoin’s price is currently situated in a critical area, and its reaction in the next few days will likely determine the market’s direction in the coming weeks.
Technical Analysis
By Edris
The Daily Chart
The price has recently surpassed the $27,500 resistance level on the daily timeframe after breaking above the 50-day moving average around the $26K mark. However, the price has been rejected by the 200-day moving average near the $28K level, leading to a pullback to the broken $27,500 level.
If this level holds and the market rises above the 200-day moving average, a rally toward $30K and beyond becomes highly probable. However, failing to do so could result in a potential crash towards the $20K support zone.
Source: TradingView
The 4-Hour Chart
Examining the 4-hour chart provides further clarity on recent price action. Since breaking out from the large falling wedge pattern, the price has been climbing higher, surpassing the $27,500 resistance level.
However, it is currently ret
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