Bitcoin has been mixed into strong hands since the week! Here’s when you can expect a recovery rebound!

Bearish pressure within the cryptocurrency industry intensified as Bitcoin price closed at $38,500. The bull and the bear are showing equal pressure, which means a struggle between the bull and the bear. The huge wicks formed on either side indicate the formation of a ‘Doji’ candlestick pattern with huge wicks at both ends. Here, a slight increase in dominance may lead the rally in each direction.

Does this mean that the BTC price has reached a local high, or is this just a trap to interrupt the downtrend at intermediate lows?

Bitcoin has been selling off for several weeks now and is currently approaching a bearish crossover on the daily EMA ribbon, which could spark a bearish fire soon. Moreover, the price appears to be in a position to set exponentially higher lows, which is also a ‘parabolic trend’. This can result in a noticeable uptrend, but only after a significant downtrend has occurred.

With so much fear and panic now prevalent in the BTC price and cryptocurrency markets, a weekly close above or below $40,000 could have a significant impact on the impending trend.

The current price action indicates the possibility of double price action as the $40,000 level could be very important for the price this week. As bearish pressure is growing, the possibility of upward bearish momentum continues to prevail. Moreover, RSI is leveraging all its power to trigger a healthy rebound, keeping bullish hopes alive. Therefore, the upcoming week’s BTC price action could be very significant, which could determine the next course of action for the flagship cryptocurrency.

This is only the beginning of the week, so there could be more happening for the Bitcoin price. A weekly close above $40,000 would result in a range deviation below, leading to a continued uptrend. Alternatively, if the level closes below this level, the market can expect a bigger decline towards the $34,000-$30,000 level.