Bitcoin price yet again slumped hard during the weekend, as the prices dropped heavily towards the lower support. Meanwhile, the bulls have held the asset within the profitable range but this could be just another short-term bounce. In the short time frame, the BTC price is seen undergoing a significant recovery and hence the market participants could be bullish for a while.
However, the longer-term outlook remains bearish with a potential target below $14,000.
Presently, the BTC price has reached the lower support levels around $16,000 and slowed down a bit, reducing the volatility. A rebound was expected, which appears to have ignited a few moments back. This could be the beginning of a minor upswing which may uplift the price beyond $17,000 in the next couple of days.
BTC price is trading within local support and resistance levels after the recent drop from the $21,000 to $15,500 low. Meanwhile, a short term bounce could propel the price above $17000 to reach the neckline of the double bottom pattern. If the bulls consolidate their positions at these levels, a significant surge could propel the price above $18.500.
The price is expected to hover around $18,500 for a while before the bears begin to extract the profits and compel the price to drop harder. In case of a bearish wave impulsion, if the price fails to hold above the crucial levels mentioned in the chart, then the lower targets below $14000 may be reached in no time.
According to a popular analyst, the next stop for BTC price could be anywhere between $10,000 to $14,000.
Collectively, the trade set up for the Bitcoin (BTC) price is notably bearish. Hence the bulls are required to be cautious about the minor short-term bounces occurring every now and then.
