Bitcoin (BTC), the leading cryptocurrency in the market, is on the verge of a bullish breakout, according to a crypto analyst. The Pi Cycle Top indicator has started to send bullish retest signals, which the analyst noted as a very important sign.

At the time of writing, CoinMarketCap showed that the market leader was trading at $27,063.83 with an overall increase of 0.65% in the past 24 hours. It has also slightly extended its weekly gain of 0.78%.

On the four-hour chart, Bitcoin was placed above the 9 Exponential Moving Average and 20 Exponential Moving Average lines. However, the Relative Strength Index line had a bearish slope which may cause the price to break below the EMA lines. If this scenario comes in to action, the next level of support is at $26,587.

In addition, a bearish thesis can be validated if there was a cross below the RSI Simple Moving Average line. On the other hand, if BTC closes this trading session above the 9 EMA and 20 EMA lines, then it is looking to challenge the resistance of $27,300 before the end of the day.

It is important for crypto traders to be aware of these market conditions before making any significant financial decisions. This analysis does not provide any form of financial advice and should be taken with a grain of salt. It is the trader’s responsibility to undertake individual research and due diligence to make sure they act in accordance with their budget and risk limitations.



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