As we start the week, Bitcoin is painted red as the struggle to overcome overhead supply persists. Sunday’s drop suggests a potentially grim week ahead, with the BTC price facing resistance at $38K. The flag pattern teases a bear cycle, indicating a challenging period.
Source- Tradingview
On a positive note, the recent rally has generated optimism with the formation of the 6th consecutive green candle on the weekly chart, marking a substantial development. However, with a pullback in play and a drop of 0.29% to $37,356, a breakout seems imminent. The technical indicators hint at a bullish phase, emphasizing the potential for a strong uptrend.
Will BTC Price Give A New Breakout Rally?
With the return of a bullish flag, the market anticipates a bullish breakout, sending the BTC price potentially 12% higher to $42K. Yet, a retest of the support near $36K could still happen. Overall, the crypto world is watching closely.
Sohrab Khawas
Sohrab is an enthusiastic cryptocurrency news writer with over 5 years of experience covering the market. He keeps an eager interest in blockchain innovation and its prospective to change financing. Whether he’s trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, utilizing his knowledge to provide useful and interesting articles that inform and inspire. When he’s not examining the markets, Sohrab enjoys his hobbies of graphic style, minimal style or listening to his favorite hip-hop tunes.
