Last Updated: August 2, 2023
• Bitcoin is displaying a head-and-shoulders pattern, which could signal bearish trend.
• Community sentiment suggests that Bitcoin may be preparing for an incoming bull run.
• Michael van de Poppe believes that if Bitcoin can hold $28,900 level, it could create momentum toward $30,500.
Bitcoin Price Update
Bitcoin has been displaying a head-and-shoulders pattern, potentially signaling a bearish trend. However, the community sentiment has stated that Bitcoin may be heading for an upcoming bull run.
At the time of writing, Bitcoin is trading at $29,100 with the potential to reclaim its lost ground and reach the $30,000 level. The head-and-shoulders neckline rests at the $27,500 price point and any breach of this point would likely trigger a decline to $23,200 – the 0.5 Fib retracement support level.
The third resistance point stands at the significant price of $30,140 while the first resistance point is set at $29,310 and the main pivot point stands at a critical juncture of $28,920. On the other hand, there are three levels of support with first one being set at $28490 followed by second one being set at 2895 and finally third pivot point being set at 27660 respectively.
Crypto trading expert Michael van de Poppe believes that if Bitcoin can maintain its current position above 28900 then it has potential to gain further ground and reach up to 30500 in coming days or weeks depending upon news related to employment rates etc.
In conclusion it appears that despite volatility in market conditions around bitcoin traders remain cautiously optimistic about its future prospects as long as it maintains its key levels of support and resistance as mentioned above with community sentiments also indicating towards positive trends in near future..