The global crypto market capitalization is once again closer to surpassing $1 trillion for the first time in the last 2 months. After the markets began to inflate in early 2023, the Bitcoin price received a further boost, rising largely by more than 30% in recent days, to mark yearly highs near $21,500. However, the price is experiencing minor bearish action which is believed to be over in a short time from now.

Bitcoin price was trying to rally high, but continued to be under the bearish influence and traded below the crucial 200-day MA levels. Since the 200-day moving average price rejected at the end of Q1 2022, a strong downtrend was followed until recent times. However, the BTC price with the new rally broke through these levels and validated a firm divergence from the bearish close.

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In the next few hours, the bearish action may drag the price below the interim support around $20,500. Also, the RSI, which has shot up near 90, shows a bearish divergence and therefore a pullback is expected. minor. However, the 200-day MA at $19540 may offer the required basis for the price to ignite a strong bounce in case of extreme bearish pressure.

A rebound from these levels can lead to a significant rally, regaining initially lost levels and testing higher targets in the coming days. Also, the price is testing the neckline of the double bottom pattern which seems to be decisive, but eventually results in a breakout to the upside.

The next pit stop for BTC price could be around crucial levels at $22,500, where the price has faced multiple rejections throughout 2022. A successful breakout of these levels may initiate a rally towards $25,000.

A popular analyst, The Wolf of all Streets, believes that the BTC price can swing high and reach levels between $28,000 and $30,000 as well.

The analyst refers to the 200-day moving average levels and speculates that the price may find a solid base of support at these levels and generate a firm bounce thereafter.

“BTC daily trend turns bullish

BTC finally surpassed 200 MA. It hasn’t touched it in 291 days, last time as strong resistance.

Lost the 200 MA as support in December 2021

Best guess for the next move is to retest as support and then rally to 28K – 30K

Offer ~ $19,600,”