Bitcoin expected to rise to $27,200 with growing bullish momentum, says expert.

Bitcoin has been experiencing sudden drops and spikes in its price, making investors uncertain. Last week, the cryptocurrency failed to break its $27,500 resistance level and dropped to $24,700. However, it has shown signs of regaining its bullish momentum with a 5% increase in the last 24 hours, trading at $26,400 at the time of writing. Many analysts predict the uptrend in Bitcoin’s price, which began in January 2023, will continue.

Bearish Momentum Fades As Bitcoin Retests $26,500

The current trend is the retesting of the $26,200 level as bearish momentum fades. This is an important stage, as it will determine whether Bitcoin can break through its previous resistance and move toward the next target of $27,200, according to Glassnode co-founder Yan Allemann. However, Bitcoin is still fragile at this level, so building investor confidence is crucial to sustaining its upward trend. BlackRock’s recent application with the Securities and Exchange Commission (SEC) for its new exchange-traded fund (ETF) has given Bitcoin holders and bulls hope. The ETF would allow a wider range of investors to gain exposure to Bitcoin, driving up demand and potentially increasing its price.

Potential BTC Reversal From Support

Bitcoin has recently bounced from its bullish trend and the top of its range, indicating that it still has work to do before establishing a sustainable upward trend. The 140-day moving average (MA) is one of the most accurate indicators of Bitcoin’s bullish or bearish momentum, according to market analyst Crypto Con. BTC’s price is currently below this crucial level. The 140DMA is a widely followed indicator in the cryptocurrency market, signaling whether Bitcoin is in a bullish or bearish phase. Crypto Con hopes the cryptocurrency will experience a huge reversal from this support level, leading to a bearish fakeout of the 140DMA. As BlackRock’s potential Bitcoin ETF gains attention and BTC gradually regains its bullish momentum, investors are increasingly optimistic that Bitcoin’s bottom is behind. It may reach new annual highs in 2023 and possibly even surpass its all-time high. However, maintaining its current level of $26,000 throughout the weekend is crucial for BTC to continue its upward trend. A sustained price above this mark could indicate a green week ahead.

Featured image from iStock, chart from TradingView.com

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