Bitcoin Trending in a Pivotal Territory, Will it Break or Hold on?
A Slight Correction Awaited
Currently, Bitcoin price appears to have trended in a very significant area which may result in either a breakout or a steep crash.
As you can see it the hourly chart of BTCUSD, the BTC price is consolidating towards a possible breakdown. Moreover, it has been rejected at $15,500 and multiple times at $15,450 and maintained strongly within the triangle.
Therefore, considering technical analysis, it can be speculated that Bitcoin price might enter a correction phase which can pull back the price close to $15,000 or maybe below also. However, the bitcoin bull run in the coming times is imminent.
Bitcoin’s Bullish Trend since 2019
Bitcoin can be considered as one of the consistent assets among the other cryptos. Since 2018 bubble burst, Bitcoin is manifesting a strong tenacity to follow the bullish trend rather than falling into bearish wells.
An anonymous financial advisor and banker named Crypto Wolf also mentioned the significant shift in the dynamics since February 2019.
Therefore considering the current Bitcoin price which is painted red by losing 2.89 percent stands at $15,271, and the technical analysis, price are expected to slide down further. But considering Bitcoin’s dynamics in the past couple of years, it is known to recover in a very tiny time frame.