Bitcoin (BTC) returned to trading on the rise this Wednesday (27), reclaiming the US$ 93 thousand level as support.
With a daily appreciation of 2%, BTC is trading at US$ 93,377 at the close of the article. The asset will continue to rise or will soon resume the downward trend seen in recent days.
Has Bitcoin started a new jump?
Bitcoin entered a correction last Friday (22), when it failed to surpass the US$ 100,000 mark. This movement culminated in a devaluation of more than 8% and a bottom registered close to US$ 90,800.
It is worth noting that this low was made close to the psychological support of $90,000 and the 0.786 Fibonacci retracement level of the last upward movement, as can be seen in the image below. This was of utmost importance for the future trend, as it shows that the recent drop is still a correction, and not a trend reversal.
Bitcoin (BTC) Chart on TradingView
Therefore, it is possible that Bitcoin will resume its upward movement, especially if it manages to reclaim other Fibonacci retracement levels as support. On the other hand, losing the 0.786 retracement level would indicate a trend reversal, with the $88,900 bottom potentially being tested.
Price prediction
The 1-hour chart shows that the bullish scenario is the most likely at the moment. At this time, the crossover of the 9-period (blue) and 21-period (orange) EMAs has turned positive again, indicating that the short-term trend is bullish.
Furthermore, the Relative Strength Index (RSI) is above 50, which shows that buyers are gaining momentum. The fact that the indicator is still far from 70 shows that there is room for further jumps without the cryptocurrency entering an overbought state.
Bitcoin (BTC) Chart on TradingView
Fernando Pereira supports this scenario. The Bitget analyst notes that the 20-period average on the daily chart is getting closer and closer to the price. This movement, if confirmed, would generate an increase in demand, and consequently, in the value of BTC.
We are only facing a “pullback” in price, and not a final trend reversal.
Bitcoin (BTC) Chart on TradingView
The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.
