Past Performance of Bitcoin
BTC prices are inside a $3.5k trade range for two straight weeks with clear support at $28.7k. Technically, BTCUSDT is within a bear breakout formation, and the current pattern is a bear flag . Therefore, until there is a definite breakout, either above $32k or $28.7k, traders should stay on the sidelines waiting for trend definition. At spot rates, BTC is stable on the last trading day, adding two percent.
#Bitcoin Technical Analysis
BTC bulls have failed to close above $32k and the May 11 bear bar. As such, prices are still trending within a bearish shadow until there is a clear breakout. A welcomed close above $32k will signal the end of the bear run, with May 9 and 11 bars as climactic. On the flip side, a dashing close below last week’s lows could usher in another leg down, possibly pushing BTC back to early 2021 territory.
What to Expect from #BTC?
Overall, traders are confident as sentiment shifts. Still, as BTCUSD moves horizontally inside a bear candlestick , price action is skewed for sellers. Before traders commit, a clear close on either side of the range would define the immediate and medium-term price trend.
Resistance level to watch out for: $32k
Support level to watch out for: $28.7k
Disclaimer: Opinions expressed are not investment advice. Do your research.
