Bitcoin (BTC) has seen its price sticking around the $30,000 mark for the past few weeks, causing investors to wonder if it has reached a point of equilibrium or will it bounce back and hit its all-time high of nearly $64,000. One key indicator, the Relative Strength Index (RSI), suggests that the crypto asset could make a recovery.

The BTC price has been caught in a downward slide ever since it was rejected at a long-term horizontal resistance area. Additionally, a breakdown from a bearish Head & Shoulders neckline could catalyse a sharp fall to the 0.5 Fib retracement support level of $23,400.

But, despite this less than optimistic technical outlook, there is still hope of an uptrend as the weekly RSI appears to be remaining above 50 and trending higher. This suggests that the bulls are still in control of the market and investors are continuing to commit to larger trades.

Knowing this, the success of a potential BTC upswing could be contingent on the price advancing above the $30,000 resistance. Should it be breached, the market will likely confirm its trajectory and lead it towards the next long-term resistance of $36,500.

However, these predictions become all too vulnerable to the volatility of the crypto market, which has been known to throw surprises of both maturation and turmoil. Therefore, any effort to predict the BTC price with technical analysis should be taken with a pinch of salt. In times of doubt, investors should always remember the key pieces of advice that the cryptocurrency industry thrives on: diversify, analyse, and never invest more than you're willing to lose.



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