The upward march of Bitcoin’s (BTC) price encountered a roadblock last week, as it failed to secure a close above the $28,000 mark.
Since reaching a peak of $28,580 on October 2, the world’s leading cryptocurrency has been navigating within a horizontal trading range. Now, the question on everyone’s mind is, where does Bitcoin go from here?
The analysis of the weekly timeframe provides insights into Bitcoin’s recent price movements. Starting from the week of September 11th, the cryptocurrency embarked on an upward trajectory.
During this ascent, it solidified the $25,300 level as a dependable support, demonstrating its resilience.
Two weeks ago, the BTC price surge gained considerable momentum, forming a bullish engulfing candlestick pattern.
This particular pattern is significant as it essentially wipes out all losses from the preceding period, hinting at a positive outlook for future price trends.
However, despite the promising surge, Bitcoin couldn’t maintain its upward trajectory last week. Instead, it fashioned a weekly candlestick characterized by wicks on both ends, a classic sign of market indecision.
This suggests that participants are weighing their options and trying to determine the next move.
Currently, Bitcoin’s price resides comfortably within a horizontal range bounded by $25,300 and $30,500. This range has become a sort of battleground for traders, with market forces vying for control.
The outcome of this tug-of-war will likely chart the course for Bitcoin’s immediate future.