Bitcoin price underwent a massive upswing during the last weekend that uplifted the price beyond the consolidation. The asset quickly surged by more than 8% to mar the daily highs close to $22,500. Woefully, the bears jumped in to extract their profits due to which the star crypto is consolidating just below $22,300. With a decent bullish narrative, BTC price is expected to continue ranging towards the north testing higher resistance ahead.
Bitcoin(BTC) Price Analysis for Short-Term
Bitcoin price was following a significant uptrend along the trend line after it flipped from the monthly lows.
No doubt the prices slid down slightly below the trend line but regained above these levels within no time
The BTC price is expected to consolidate within the current range for some more time and decline towards the lower support as the bulls may get exhausted
However, reaching the lower support, the asset may get a catapult action towards the upper target at $22,800 soon
Bitcoin (BTC) Price Analysis for the Long Term
The BTC price in the long-term appears to be pretty bullish as the price is attempting hard to rebound hitting the lower bottom
For the past 2 weeks, the asset has been witnessing equal bullish and bearish pressure and hence the current week’s trade may be pretty decisive
On the other hand, the volume has surged significantly high which may keep up the volatility
Eventually, the BTC price may undergo a u-shape recovery and regain the lost levels in the upcoming days