Bitcoin has made a correctional decline to near $5,250 after the price had been rejected off $5 500 recently with a daily close. The price has been quite impulsive and still non-volatile with the upward pressure which could resume bullish momentum in the short term.
The price is currently expected to retrace towards $5,250 where there are dynamic level as well as the strong Horizontal Support level. After a bearish daily close yesterday, the price is currently stalling to find a definite momentum to push the price with strong pressure. As the bias is bullish, the upcoming bearish pressure is expected to trigger a retracement in the longer trend. So, the price is likely to reach $6,000 in the coming days.
As the price remains above $5,000 with a daily close, the bullish bias is expected to continue further in the coming days.
SUPPORT: 5,000, 5,250
RESISTANCE: 5,500, 5,850, 6,000
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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