Today PrimeXBT will be offering a technical analysis overview of BTCUSD.
While many in the crypto community are looking forward to the upcoming Bitcoin halving in May, analysts are generally noting that Bitcoin’s price may be close to gaining at least some upward momentum.
Bitcoin is currently forming a pennant on its 1W chart. We can also see that the price is re-testing the support level inside the falling wedge — which is a classic reversal pattern.
By the way, we also want to mention that $7500 has remained a strong resistance level, as expected. At the moment, the price is firmly caught within a downtrend.
RSI is still in the oversold zone and is likely to leave this zone shortly.
In conclusion, if BTC's price drops below the local support level of $7070, it will confirm the short-term bearish scenario and open the gates for repeated testing of the recent swing lows at roughly $6600.
Market Cap: $131 434 472 864 USD
Volume (24h): $18 573 898 769 USD
Circulating Supply: 18 097 937 BTC
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