Bitcoin is currently exhibiting signs that suggest a potential short-term correction in the upcoming days, followed by a subsequent mid-term rebound. Over the past few weeks, the price level of $31,000 has consistently posed as a robust long-term resistance. Should this level be breached, it is anticipated that the price will ascend directly to the range of $33,000 – $35,000.
Conversely, if the bears manage to achieve a breakthrough and close below $29,000 on the daily timeframe, it will likely lead to further downward movement before a rebound occurs. Our most resilient long-term support level stands at $28,400.
