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Bitcoin Weekly Forecast: BTC leaves investors guessing its next move

  • Bitcoin price continues to consolidate around the $29,000 region.
  • The $24,736 and $22,291 are two key levels for reaccumulation in case BTC slides lower.
  • Invalidation of the bullish thesis will occur on the breakdown of the $20,201 level.

Bitcoin price action has remained boring since March 20 and shows no directional bias whatsoever. While the larger bullish outlook is intact, a minor retracement might ensue in the coming weeks.

However, the Nonfarm Payrolls (NFP) event is scheduled to take place today and could be the trigger required to kick-start a directional move for BTC. 

Read more: Nonfarm Payrolls: What to expect as NFP report comes on a holiday

Bitcoin price remains steady

Bitcoin price broke through the $17,605 to $24,736 range on March 17 after consolidating for nearly nine months. However, the uptrend ceased soon after, leading to a tight consolidation around the $28,000 region. 

As mentioned above, this range tightening in Bitcoin price could see a resolution today after the NFP numbers. The chances of a retracement to stable levels are the most anticipated outlook from Investors. If a pullback does occur, the first key level to reaccumulate is $24,736. 

Beyond this level, investors can expect Bitcoin price to bounce off the breaker, extending from $22,291 to $19,592. A bounce off this level is critical to resume the northbound move that likely tags the $35,063 and $38,500 hurdles.

BTC/USDT 1-day chart

BTC/USDT 3-day chart

Until the NFP event is done, investors are better off staying away from trading due to the chaotic and unpredictable nature of the markets. Once the macroeconomic event is over, Bitcoin price will reveal its hand, allowing smart investors to take advantage of the move that will ensue.

If the pullback fails to bounce off the $22,291 to $19,592 breaker and produces a daily candlestick close below $20,201, it will invalidate the bullish thesis for Bitcoin price. In such a case, BTC is likely to catalyze a 12% crash to $17,605.

A failure to hold above this level could result in a nosedive for Bitcoin price to $15,588. This move would constitute a 22% loss.

Also read: Why these social cues could be forecasting a local top for Ethereum and the broader crypto markets

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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