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In this article, we will analyze past price movements of Bitcoin through price analysis, charts, and technical indicators. We will determine support and resistance levels and guide investors in their buying and selling decisions.
Bitcoin experienced the expected uptrend after the falling trend broke. This uptrend gained upward momentum to the level of 35,500 dollars after exceeding the horizontal channel band between 24,500 dollars and 31,500 dollars, under the influence of ETF news and other positive developments.
This increase occurred with positive developments in the market and increased interest from investors. However, this momentum in Bitcoin could change in different directions in the future depending on specific news and market conditions. The breaking of the horizontal channel band and holding above these levels could increase the upward potential, but it may be necessary to carefully follow developments in the market.
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When we analyze Bitcoin using daily candles, we can observe that it is experiencing an increase toward the $36,000 levels. We have identified a support region for potential retracements, which falls between $34,000 and $34,450. If Bitcoin loses this region, it could experience a decline to the level of 31,500 dollars. On the other hand, there is also a possibility of touching the rising trend line, which indicates a region where Bitcoin could find support.
When considering the bullish scenario, if Bitcoin finds a firm support above 34,450 dollars, an upward movement to the levels of 37,759 dollars and subsequently 39,410 dollars could be observed.
Bitcoin’s Short-Term Channel
When we examine the channel structure of Bitcoin from a short-term perspective, it shows that it is important to closely follow the current channel, as staying stable above 34,000 dollars and rising to the levels of 36,000 dollars. If the channel undergoes an upward break, we predict that Bitcoin could continue its rise to the levels of 37,500 dollars. On the contrary, in case of a downward break in the channel, a decline to the level of 32,500 dollars could be possible.
If Bitcoin continues to price within this channel, sharp rises could be observed in altcoins, because altcoins usually have noticeable mobility during Bitcoin’s consolidation periods.
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