This past week, the Bitcoin (BTC) price continued to be concentrated in the range of US$28,000 to US$31,000. Thus, the leading crypto asset continues with the bearish trend in the medium term with targets forecast at US$26.8 thousand and the last at US$20 thousand, evaluates the Research team at Transfero.
Currently, the currency rests sideways in an accumulation phase. For this trend to reverse, the team assesses, it would require the emergence of some figure that points to this change. The daily chart of BTC can be seen below.
From a medium-term perspective, the weekly chart shows a very high probability that BTC will close higher this week, coming off a nine-week bearish streak. At the beginning of the week, bitcoin went up approximately 10%, testing the US$ 32,000 level, and then returned to the US$30,000 level, consolidating at the range mentioned in the first paragraph of this article.
Since there have been nine weeks of lows, the possible scenarios are that of a lateral rest or even a stronger adjustment back to the US$34,000 to US$35,000 level. Afterward, it should continue the downward macro movement until it finds the 200-period average, which is potential long-term support.
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