Bitcoin (BTC) rose again this Thursday (26), after suffering a considerable drop the previous day. Will the asset now be able to overcome the current pattern?

With the current jump, BTC has once again recovered the $64,000 level as support. Check out what technical analysis has to say about the future trend below.

Bitcoin recovers

As highlighted in our latest analysis, Bitcoin was trading at the bottom of a rising parallel channel pattern. As you can see in the image below, the asset bounced back after hitting the pattern’s support line at $62.7K.

Since then, the price of the cryptocurrency has already risen by 3%. However, it is not yet possible to indicate that the price will continue to fall towards the resistance line of the pattern, close to US$ 68 thousand. This is due to two reasons.

Firstly, BTC is still trading at the bottom of the parallel channel. Furthermore, it has not surpassed its last high of $64.7K. To top it off, the trading volume in the last few hours has been relatively low. This shows that buyers are not in a strong position to push the price up.

Price forecast

The 2-hour chart is more bullish. This is due to the crossover of the exponential moving averages (EMAs) and the Relative Strength Index (RSI).

During the recent decline, the 9-period EMA (blue) briefly crossed below the 21-period EMA (orange). However, the former has moved back above the latter today. This is a strong bullish sign because it shows that the asset is trading higher in the short term.

Furthermore, the RSI is rising and above 60, which shows that buyers are gaining strength.

Therefore, BTC is more likely to continue rising for the rest of the day. However, the uptrend will only be confirmed if the price forms candles above $64.7K.

The article Bitcoin (BTC) Price Prediction: What to Expect Today? was first seen on BeInCrypto.