BTC Price Prediction: Will The 4% Drop In Bitcoin Price Lead To Further Correction?

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Published 3 hours ago

BTC Price Prediction: After March’s third-week aggressive rally, the Bitcoin price showed a more steady growth under the influence of two rising trendlines. The coin price resonating between these trendlines for nearly a month shows the formation of an ascending channel pattern. With today’s 4% intraday drop, the BTC price is back to the channel pattern’s support trendline. Will buyers resume the bullish recovery from here or its time for sellers to take control?

Key Points

A rising channel pattern gives specific direction to the Bitcoin recovery rally
A potential reversal from the support trendline could surge the Bitcoin price by 8-10%
The intraday trading volume in Bitcoin is $23.2 Billion, indicating a 28% gain

BTC Price Prediction

BTC Price Prediction Source-Tradingview

In the daily time frame chart, the Bitcoin price shows the formation of a rising channel pattern. The coin price bounced back from the pattern’s resistance trendline indicating the traders are reacting to this setup and thus it may significantly influence Bitcoin’s near future price.

As of now, the BTC price trades at the $29428 mark, and with the current correction, it retests the channel’s support trendline. The below-average trading volume hints the pullback is temporary and the prices are more likely to rise again.

Technical Indicator

RSI: Contrary to the rising prices, the daily RSI slope formed the same tops indicating the buying pressure diminishing and the sellers may eventually breach the lower trendline.

EMAs: along with the pattern’s support trendline, the 20-day EMA offers additional support to maintain the price rally.

Bitcoin Price Intraday Levels

Spot rate: $29380
Trend: Bullish
Volatility: Medium
Resistance levels- $32500 and $35000
Support levels- $29100 and $26600

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From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

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.

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