• Bitcoin is demonstrating a head-and-shoulders pattern, which could be interpreted as a bearish trend.
• As of writing, Bitcoin is trading at $29,100 and has pivotal points of resistance and support levels.
• Michael van de Poppe believes that if Bitcoin can hold the $28,900 level it can push to $30,500.
Bitcoin Price Pattern
Bitcoin has been displaying a head-and-shoulders pattern, which could indicate a bearish trend. Traders are hopeful that Bitcoin will reclaim the $30,000 level and continue to rise in price. Community sentiment has stated that Bitcoin may be preparing for an incoming bull run since March 17th.
Current Outlook For Bitcoin
As of writing, Bitcoin is poised to regain some of its lost ground, currently trading at $29,100 with $30,000 still in play. However, the head-and-shoulders neckline rests at the $27,500 price level and a breach of this point would likely trigger a decline to $23,200 – the 0.5 Fib retracement support level.
BTC Key Targets
The third level of resistance at the Pivot Point is set at a significant $30,140 while the second level is a close $29,745. The first resistance point stands at $29310 with the main pivot point set at a critical juncture of $28920. On the other handthe first support point rests at 28490 followed by the second support point at 28095 and finallythe third pivot point set 27660 as market participants seek to navigate through these crucial markers.
Community Sentiment
Michael van de Poppe who is a highly regarded crypto trading expert recently shared his insights on current price movements noting that bitcoin has been “constantly flipping levels” and back into range with potential momentum pushing up towards 30500 depending on upcoming news or employment rates in terms of overall cryptocurrency market conditions remaining cautiously optimistic about future gains for bitcoin .
Conclusion
With various factors influencingBitcoin’s market performance such as key target points along with community sentiment from experts there remains considerable potential for further growth should certain conditions be met within this digital asset space .
