How Will the Past Weekend Fluctuations Impact the Bitcoin (BTC) Price in the Coming Week?

The post How Will the Past Weekend Fluctuations Impact the Bitcoin (BTC) Price in the Coming Week? appeared first on Coinpedia Fintech News

Over the weekend, the Bitcoin price experienced significant price variations in both positive and negative ways. Although the price raised above $30,500 recently, it remained only briefly as it underwent an acute plunge. The downward trend was robust that completely engulfed the previous bullish candle. Therefore, considering the present trade set-up, it appears to be extremely difficult for the token to regain the yearly highs at $31,800, which is extremely important for further growth. 

Besides, the upward line or the ascending trend line has been breached in the short time frame which indicates the potential of the token to reverse the trend soon. Currently, the BTC price is trading within a range channel, while bearish flags continue to flutter over the token with the lower targets being around $28,155. Now that the price is dropping slowly from $31,700 to $30,000, the bearish targets may have been activated. 

Source: Tradingview

The bears appear to have gained momentum and strength at the moment and larger changes of a bearish breakdown emerge. If in case, the BTC price breaks below the crucial support at $30,000, it may further confirm a further downward movement with the BTC price heading towards the next significant support level at $28,500. Therefore, the traders can expect a mid-term retest of around $28,500 before a potential bounce or recovery. 

On the other hand, if the BTC price manages to maintain its position above the $30,000 support level, then the possibility of a continued upward movement emerges in the short term. Hence, the traders are required to monitor the crucial levels at this support zone which may further help to access whether it can sustain its current level or if a temporary peak is likely before further market developments unfold. 

In short, the Bitcoin (BTC) price movements have experienced a bearish trend in the shorter time frames. Hence, now that the price is trading very close to the lower support at $30,000, a mid-term retest at $28,500 could be possible before it finds a new peak in the future.