Bitcoin $83,100.85is going through a critical period. Analyst Kevin Svenson says that the parabolic trend that began in the beginning of 2023 was tested. It will determine whether this trend can be protected and the direction of Bitcoin will evolve in the future. Technical indicators and market movements indicate that the coming weeks will be decisive.
Bitcoin price is watching on critical thresholds
Bitcoin is traded just above the paraboolic trend. Analyst Kevin Svenson says that if the price maintains this level, the rise may continue. However, if the trend is broken, retreats may be inevitable. The prominent weekly RSI in the technical analysis offers important clues about Bitcoin’s momentum.
According to Svenson, the horizontal movement of Bitcoin price will not last long. Either it will follow the trend and rise or retreat to previous decline levels. This critical threshold is shown as one of the most important factors that determine the future aspect of the market.
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Possible scenarios and market expectations
The future of Bitcoin price is based on two scenarios. A upward movement can lead to new peaks. In this case, imbalances may occur in weekly RSI formations and support market rise.
On the other hand, if Bitcoin breaks the existing trend, it may decrease to around $ 60,000. In this scenario, market participants may enter a longer term accumulation period. According to Svenson, the decrease in market mobility shows that the price of Bitcoin can go through an uncertain process.
Bitcoin trade volume and technical indicators play a critical role to understand which direction the market will evolve. Investors should decide by following these data. The coming weeks are important in terms of determining a clear direction of the market.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
