The price of Bitcoin (BTC) continues to trade above the $29k level according to CoinMarketCap. At press time, BTC is trading at $28,919.71 following a 3.10% decrease over the last 24 hours.
One crypto trader by the name of The Wolf tweeted today that the crypto derivatives market is extremely bearish given the constant shorting taking place in the perpetual market. However, the trader did add in his tweet that the opposite is true for the spot market which is currently seeing overwhelming buy pressure.
The Wolf suggested that BTC’s price may rise soon as a result of the sell pressure in the perpetual markets and the buy support in the spot markets. Should this bullish thesis play out, BTC’s price could rise to $30k soon.
A few hours after The Wolf’s BTC tweet, the crypto trader Crypto Rover tweeted that a bearish head and shoulders chart pattern has formed on BTC’s 12-hour chart. Should the bearish chart pattern be validated, then BTC’s price will drop in the coming 24 – 48 hours.
On the other hand, there is a chance that history will repeat itself and BTC’s price will be squeezed once again to rise to $30k in the next couple of days. Should BTC’s price be squeezed, it may only postpone the inevitable downward move for BTC’s price forecasted by the head and shoulders pattern highlighted by Crypto Rover.
Daily chart for BTC/USDT (Source: TradingView)
BTC’s price is currently trading within the consolidation channel between $26,800 and $30,800 after it broke above the 9-day and 20-day EMA lines in yesterday’s trading session. At press time, a significant bullish technical flag is on the verge of triggering with the 9-day EMA line looking to cross above the 20-day EMA line.
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Source: Cryptocurrency - investing.com
