Bitcoin

The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/bitcoin-price-today-btc-looms-around-29000-setting-the-stage-for-new-bearish-action-below-28000-this-week/">Bitcoin Price Today: BTC Looms Around $29,000, Setting the Stage for New Bearish Action Below $28,000 This Week</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
The speculations over the Bitcoin ETF have been making huge rounds as the rumours of their rejection have been surfacing. This could be the main possible reason that has compelled the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">BTC price</a> to remain stuck within a minor region. It may be a strategy to make the investors believe that the ETF may not get approved. This has kept the markets speculative and consolidated. This has also helped the institutions accumulate the token at a discounted rate. 
While the star crypto has remained largely uncertain, the possibility of a bearish reversal looms over the space. The price has been holding the $29,000 level for over a week, indicating the strength of the bulls is plunging. Therefore, a drop towards one of the major support levels close to $28,500 is possible. This may further direct the price towards the crucial level of $27,000. 
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The BTC price is in the middle of the descending channel, or a falling wedge. It is heading to reach the lower support and complete a restest towards the upper trend line. To trigger a prolonged upswing, the price is required to correct the downside and close the trade close to $28,000 or even lower at $27,000, which may enable the bulls to range the price, leading to a sharp movement back above $30,000.&nbsp; 
Considering the current trading setup, it appears that the price is at the edge of the fourth phase of the Bitcoin cycle. After registering peak 1 and peak 2, the token underwent a massive sell-off. This was followed by a minor recovery, which was largely located within an ascending triangle. A breakout from this triangle has led to a huge breakout that has previously triggered a bull run. Besides, the halving has also played a major role in intensifying the upswing that has soared high to mark a new ATH.&nbsp; 
Therefore, a similar price action is being speculated to occur at present, with the target of reaching $100K. While the bulls who have remained stuck above $50,000 are also expected to strengthen their action, creating huge hindrances for the Bitcoin bulls to persist.

Bitcoin Price Today: BTC Looms Around $29,000, Setting the Stage for New Bearish Action Below $28,000 This Week

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