(BTC/USD) Bitcoin Price Prediction: Bullish Drums Fell Silent or a Pause Before the Storm

(BTC/USD) Bitcoin Price Prediction: Bullish Drums Fell Silent or a Pause Before the Storm

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Despite the sales on Monday morning, the price of Bitcoin was able to hold above $5,100.

Holding the position of this level at the beginning of the week will be the key to the continuing bullish momentum.

Although this seems unlikely at this stage, a breakthrough upwards can lead to the fact that the BTC will quickly move to the price range from $5,500 to $5,700, enticing new buyers to the market.

BTC/USD chart by TradingView

The MACD keeps rising above zero, but there are signs of a bullish decline, with a lower maximum printed on the bar chart. The volume begins to return to the levels visible before the breakthrough. A price increase with a decrease in volume is usually considered a bearish symptom.

Reducing the price impulse will lead to the fact that those who have already made a profit will return to the market with new potential buyers, so it would be reasonable to expect a fairly quick rebound to the level of $5,000.

The price of Bitcoin is trading at $5,226.18 at the time of the writing.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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