Bitcoin’s price remained precarious, hovering around $29.1k after the bulls failed to hold the crucial support level of $29.5k. Crypto experts are concerned that the bears are gaining momentum in the short term. Despite this, the bear market rally’s weekly rising momentum has not been invalidated, keeping the possibility of reaching $32k and beyond alive.
Bitcoin Technical Analysis
Captain Faibik, a renowned crypto analyst with over 63k followers on the X platform, believes that a major decision moment is on the horizon. According to his Bitcoin technical analysis, the price could either rally towards $34.4k or drop further to $25k in the coming weeks. Captain Faibik anticipates the rising scenario if Bitcoin bulls hold the trendline support at $28.4k and successfully break above a falling wedge to the upside.
Despite accumulating bullish fundamentals, the cryptocurrency market, led by Bitcoin, has been unusually calm in recent weeks. However, experts predict that this tranquility is about to change, with a significant spike in crypto volatility anticipated in the coming weeks. Derivatives traders are cautioned to take necessary precautions to protect their capital from forced liquidations. Additionally, Bitcoin dominance has remained around 50 percent for the past three weeks.
Bitcoin’s price is at a critical juncture, with bears gaining ground in the short term. Captain Faibik’s analysis points to a potential rally if key support levels are maintained and resistance is overcome. Nonetheless, caution is advised due to the expected surge in volatility in the crypto market. Traders should stay vigilant and protect their investments from potential risks.