The price of Bitcoin remains volatile, hovering around $29,100 after bulls failed to hold the critical support level of $295,000. Crypto experts are concerned that bears are gaining momentum in the short term. Nevertheless, the weekly upside momentum of the bear rally has not been invalidated, and the possibility of reaching $32,000 and above remains.
Bitcoin Technical Analysis
Captain Faibik, a well-known cryptocurrency analyst with more than 63,000 followers on the X platform, believes that the moment of major decision is coming. According to his Bitcoin technical analysis, the price may rise to $34,400 in the coming weeks, or it may fall further to $25,000. Captain Faibik expects Bitcoin to rise if Bitcoin bulls hold the trendline support at $284,000 and successfully break out of the rising wedge.
Despite bullish fundamentals, the cryptocurrency market, led by Bitcoin, has been unusually quiet in recent weeks. However, experts predict that this calm is about to change, and cryptocurrency volatility is expected to surge in the coming weeks. Derivatives traders should take necessary precautions to protect their capital from forced liquidation. In addition, Bitcoin's dominance has remained around 50% for the past three weeks.
Bitcoin price is at a critical juncture, with bears having the upper hand in the short term. Captain Febik's analysis points out that a rebound is possible if key support levels hold and resistance is overcome. Nevertheless, caution is advised as volatility in the cryptocurrency market is expected to rise significantly. Traders should remain vigilant and protect their investments from potential risks.