Although Bitcoin (BTC) and the rest of the cryptocurrency market have opened the week with recovery, crypto analysts suggest caution, arguing that the flagship decentralized finance (DeFi) asset still has an important level to reclaim before it can continue further up.
As it happens, Bitcoin has bounced back from an oversold level and is trending up, but the short-term setting remains bearish until descending resistance line at $28,500 is broken, according to the observations shared by cryptocurrency analyst Stockmoney Lizards on May 15.
At the same time, CryptoYoddha pointed out that a “classic ABCD” chart pattern has formed and that the maiden digital asset needed “to reclaim the mid of the range for the continuation of the uptrend,” while also referring to the level at around $28,500.
Furthermore, crypto trading expert Ali Martinez noted Bitcoin was facing “stiff resistance ahead, especially between $28,180 and $28,990, where 1.24 million addresses bought 973,220 BTC.” On the other hand, he sees the most important support level at $26,490, and that “failing to hold above it could trigger a steeper correction to $24,100 or $23,190.”
Bitcoin price analysis
At press time, Bitcoin was changing hands at the price of $27,390, which represents an increase of 1.97% on the day in the face of the 1.62% decline across the past week, as well as the accumulated 10.13% loss on its monthly chart.
Meanwhile, a recognized pseudonymous crypto analyst El_crypto_prof, also known as Moustache, revealed that Bitcoin’s price action followed a trend of higher highs and higher lows that often led to a parabolic rally, implying it could achieve a new all-time high (ATH) before 2025.
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