After a great dip, Bitcoin (BTC) now seems to be making a comeback. The largest cryptocurrency is now undergoing a recovery phase as it is attempting to move away from the downtrend.
The data shows that the price of Bitcoin is now moving towards the Fibonacci retracement level to come close to 38.2%. It suggests that by moving close to the retracement level, the price of Bitcoin may hit $23,024.
However, it seems that the bulls are struggling very hard to push the trading price of Bitcoin to a particular level. This means that the demand for Bitcoin is drying up just when it climbs to a higher level. Therefore, Bitcoin is finding it difficult to hit a particular level.
Hurdles for the Bulls
At the time of writing, Bitcoin is trading at a price of $21,466. It is making an attempt of hitting and pushing through the $21,723. A look at the price graph for Bitcoin shows that $21,466 will be the first hurdle that the bulls will need to overcome.
If the particular price is reached and crossed, then the bulls will have an opening to move forward. The next milestone that the investor will need to hit with their strong bullish sentiments would be $23,529. It is the 20-day EMA for Bitcoin that the bulls will need to hit and cross in the due cross.
If the bulls succeed in keeping the rally strong and push Bitcoin’s price higher, the bears may also become very active. They may actively resist the bulls as they come close to the 20-day EMA.
The bulls will need to actively protect the particular mark, as the bears will start selling Bitcoin on a large scale to initiate a selling spree.
If the bulls do manage to propel the price of Bitcoin over the 20-day EMA, then the bears may lose their grip on the trend. This would result in pushing Bitcoin’s price to a higher mark.
For now, it seems that Bitcoin has enough support to push from the bulls and other market factors that will help it propel faster. The constant investments of the major investors such as MicroStrategy are helping Bitcoin regain its lost value.
If the support keeps coming in, then Bitcoin may surge to $27,955, which is the 50-day SMA.
Bears May Attempt to Turn Bitcoin Down to $17,622
If the bears manage to gain ground against the bulls, then the trading price of Bitcoin may start descending. In this particular case, the trading price of Bitcoin may fall below the $20k mark.
As the trend keeps moving into the strong negative zone, the bears will gain more power and may succeed in pulling down to $17,622.