Crypto Express

06/17 00:40

BTC Price Analysis and Short-term Expectation

In the daily timeframe, BTC price has been consolidating in a symmetrical triangular pattern since hitting its all-time high of around $112k in mid-May. The short-term bullish expectations for Bitcoin remain palpable, especially after a consistent rebound above $107k in the past 24 hours.

The bullish sentiment is also bolstered by the 1-hour MACD line, which has already crossed above the zero line. Additionally, the 1-hour Relative Strength Index (RSI) has already rallied about the 70 percent level, which suggests the bulls are in control of the market.

However, if BTC price retraces and consistently closes below the support range between $101k and $104k, a rejuvenated bearish sentiment will be confirmed.

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