The leading cryptocurrency Bitcoin (BTC) has shown limited price action in recent weeks. Accordingly, it caused top analyst CrediBULL to give his opinion on what to expect from BTC’s price action next week. Despite the current trading range, CrediBULL has significant reviews. It highlights the importance of potential retests and a significant price range for Bitcoin’s trajectory.
The latest price performance of Bitcoin BTC
BTC price sits at $29,368.16 with a minor recovery over the past 24 hours. Over the past week, Bitcoin has recorded a modest 2.3% gain. Accordingly, this indicated a relatively stable trend.
CrediBULL suggests that the probability of Bitcoin price retesting the $28,700 to $29,000 range in the short term is strong. The analyst says what will happen if this range is tested. Accordingly, he believes it should serve as a support level that prevents further declines. However, this will be a result of the price range not being maintained. It will lead to more selling pressure to offset the recent increase in buying activity.
Basic price levels and basics
The analyst’s point of view is that monitoring price movements around this critical range is crucial. CrediBULL emphasizes the importance of observing that potential liquidity is being absorbed above the price level before any significant moves occur. Bitcoin BTC’s high since the beginning of the year at $31,474 remains an important level to watch in the near future. Breaking above this level could mean a potential breakout for BTC.
I think we test 28.7k-29k at some point. If bottom is in, it should hold. If we lose it, one more flush down as per my last tweet (quoted).
Ideally would like to see some liq taken above before we test GREEN.
That is the most important region on the chart right now imo. $BTC https://t.co/oWAauFZyHq pic.twitter.com/8FNBZZ2Vpy
— CrediBULL Crypto (@CredibleCrypto) August 13, 2023
Bitcoin’s resilience can be attributed to its strong fundamentals. Approval of Ark Invest’s spot Bitcoin ETF by the US Securities and Exchange Commission (SEC) has been delayed. However, many experts see it as a potential catalyst for a significant price increase. The anticipation of spot Bitcoin ETF approval will be the impetus needed to break the $32,000 price resistance BTC has faced since the start of the year.
Bitcoin’s upcoming moves
Bitcoin continues to consolidate in a relatively narrow range. On the other hand, analysts like CrediBULL are watching key price levels closely. It also predicts potential moves. The fundamentals of cryptocurrency remain strong. On the other hand, the approval of the spot BTC ETF will be a trigger for a significant price increase.
cryptocoin.com When we look at it as a whole, the crypto money market is waiting for these developments. Also, the real question isn’t whether Bitcoin will experience a resurgence, but when.
