The crypto market lost yesterday’s gains as Bitcoin slipped yet again to $29,000. The popular cryptocurrency has been holding this pattern for nearly two weeks now. Analysts believe this is likely to extend for another two weeks or so before the BTC price makes a decisive move. Bitcoin price converges in a series of lower peaks and higher lows.
At the time of writing this article, Bitcoin lost nearly 3% in the last 24-hours and is trading at $29,227. Ethereum, once again, slipped below the crucial $2,000 mark and is changing hands at $1,984 – losing 2% in the last 24-hours, as per data from CoinMarketCap.
@nihkalowz, a crypto trader, highlighted that the structure of Bitcoin price since the beginning of 2021 follows a bullish megaphone pattern. It expands over time like that of a broadening wedge pattern. The trader believes there are two support levels for the bottom of the fourth wave which is nearing completion. The first support is near $28,500 and the second one is at the $25,000 mark. If this happens, Bitcoin could move towards the resistance from the historical all-time highs at the level of $64,500 and $69,000. In regards to short-term gains or losses, there is an ongoing breakout from a symmetrical triangle pattern.
Currently, the world’s most loved cryptocurrency is stuck in tight trading. There is a risk of a breakdown. Michael Boutros, a crypto analyst at DailyFX, says a breach higher may offer an opportunity to fade. This is from a trading point of view. It could target a break to fresh yearly lows. Boutros sees a downside target of $19,666. Bitcoin’s downtrend could be gradual.