Here are the Bullish and Bearish Bitcoin (BTC) Price Targets for the Weekend

The post Here are the Bullish and Bearish Bitcoin (BTC) Price Targets for the Weekend appeared first on Coinpedia Fintech News

The bitcoin price has been trading within a pre-defined range for the past few days, due to which the volatility has been hampered to a large extent. The bulls refrain from triggering a notable upswing. The market conditions also remain pretty misty, due to which the rally continues to trade close to the newly formed support at $30,000. However, the price continues to display decent chances of a bullish breakout, but a bearish impact also emerges. that may drag the price close to $29,000.

In the short term, the BTC price is trading along the descending trend line as the resistance levels are depleting. On the other hand, the support levels remain the same at $30,000, due to which the price is getting compressed. In the next couple of days, if the rally maintains a similar trend, then excess compression may lead to a massive explosion.

However, the direction of the explosion may certainly not be known as bullish and bearish possibilities emerge.

The BTC price in the short-term has rebounded from the immediate lower support at $29,857 and is heading toward interim resistance above $31,000. As the price reaches one of the major resistance levels at $31,029, the bulls are required to trigger a fine upswing. This may pave the way for the price to rise towards the next level close to $32,000, which appears less likely.

The weekend is fast approaching, and hence, volatility is also expected to rise. Here, the RSI is maintaining a significant upswing while the MACD is closer to undergoing a bullish crossover. Therefore, the price may again rise beyond $31,000 during the weekend but may again face a rejection, which may keep the rally contained within a narrow range.