Crypto analyst Akash Girimath notes that the Bitcoin price has been sideways as it faced weekly resistance through a bearish breakout area. Furthermore, the analyst says that despite multiple rejections on the daily and four-hour timeframes, BTC bears have not been able to take control of the price action. We have prepared for our readers the analysis made by the analyst for Bitcoin prediction on technical indicators.
Bitcoin forecast: BTC price remains stagnant
Bitcoin price has been hovering around the lower bound of the bear breaker of $29,247-$41,273 for four weeks. With the lack of a directional trend and the narrowing of the range, things are starting to get boring for BTC traders. However, traders need to be mindful that there is a high chance that the Bitcoin price will continue to rise until it tags the midpoint of the bearish breaker at $35,260. In a bullish case, it is possible for BTC to retest the breaker’s upper limit at $41,273.
cryptocoin.com As you can follow, the Federal Reserve increased interest rates by 25 basis points in line with expectations. So the US financial landscape is getting even tighter. As more banks collapse, confidence in the Fed and its fiat currency will slowly begin to erode. This development will push more people to durable assets like gold or even Bitcoin.
The predecessor of the 2023 bull rally, Signature, is a side-effect of the collapse of popular banks like Silicon Valley Bank. This week, we saw JP Morgan take over First Republic Bank and other US regional banks such as Western Alliance or Zions Bancorp experienced massive sell-offs on the stock markets due to their financial woes. The momentum of the uptrend has slowed down. It also led to a consolidation in Bitcoin price. However, things will likely pick up where they left off if the right catalyst triggers a panic buying of BTC.
BTC 1-week chartA deeper look at BTC techniques
To learn more about the Bitcoin forecast and the health of investors, it is necessary to look at some indicators. For this, let’s take a look at the discrepancy between open interest, liquidations, funding rate, and buy and sell volumes. The chart below shows that Bitcoin price has crossed the 100-week Simple Moving Average of $26,600. It also indicates that he is sitting comfortably and has a bull appearance.
It shows the number of open interest with decreasing open interest, falling spot and derivative volume delta. This indicates that short sellers are dominant. In addition, long liquidations seem to be most affected, in line with other benchmarks. This indicates a downward trend for now. A significant increase in Open Interest followed by a rise in the spot and derivatives volume delta will be the first sign of a new bullish trend.
Meanwhile, the Bitcoin forecast points to a short-term pause in the bullish trend. In this case, it is difficult to predict whether BTC will continue to rise before retesting the Fair Value Gap (FVG) stretching from $22,591 to $26.591. A move towards this area will provide an opportunity for long-term holders to accumulate BTC.
