Bitcoin (BTC) price continued to consolidate around the $29,000 to $29,500 range on Monday after failing to hold the support level of $30,000 earlier last week. This has left many crypto derivatives traders on edge due to the lingering short-term uncertainty in the Bitcoin market.
On the daily time frame, the top cryptocurrency has recorded diminished returns since the onset of the bear market earlier this year. Despite this, Bitcoin has displayed a characteristic of a rising market with higher highs and higher lows in the extremes.
Crypto Experts Analyze Bitcoin’s Price Action
Experts believe that Bitcoin is facing increased selling pressure as daily active addresses decline. According to popular crypto trader Mark Cullen, also known as AlphaBTC on the X platform, Bitcoin’s price may experience a temporary upward squeeze, taking out some recent highs, before heading for lower lows in the coming weeks. However, Cullen warns that this trade setup could be invalidated if the price falls below $29,300 in the next few days.
On the other hand, Captain Faibik holds a more optimistic view, expecting Bitcoin’s price to rally as high as $32,500 in the coming weeks. The analyst argues that Bitcoin has been forming a broadening formation on the daily time frame, suggesting a potential rebound in the near future. Nonetheless, Faibik cautions that this bullish scenario could be invalidated if the price falls below the lower border of the broadening formation in the coming days.
Overall, the current market sentiment remains tense, with traders closely monitoring Bitcoin’s price movements and looking for clear indicators of its next direction.
