Technical analysis

The Bear Market is Officially Over-Bitcoin Price May Redominate the Rally to Mark New Highs

Bitcoin made a surprising jump beyond $28,200 during the past weekend and has elevated the entire crypto space. Although, the altcoins are following a lower pace, yet the momentum remains extremely high.

Hence, a larger price action may be fast approaching as the BTC price appears to have wanned the bearish influence with the latest move. However, the possibilities of a bearish pullback continue to flutter rising the possibility to retest the lower immediate support around $25,000. 

The markets have turned green as the bulls have begun to utilize their accumulated strength and intensify the buying pressure. Therefore, a notable ascending trend is expected to prevail for a long time, which may help them fight the bearish interference. As predicted by one of the popular analysts, The Wolf of All Streets, the ‘bear market is officially over’ but a pullback may be imminent. 

The analyst here says that Bitcoin made its first higher high, which is at $25,212 since its all-time high, which confirms a new bullish trend. However, the price may continue to remain under bullish influence depositing a pullback as it has confirmed a macro higher high which eliminates the bear market. Therefore, although the price drops back to test $25,212, the trend may remain bullish. 

Presently, the Bitcoin price is trading at $28,251 with a jump of 4.06% in the past 24 hours and a massive jump in the trading volume of over 56%. Currently, the price appears to have cleared the crucial resistance at $28,154, but a retest may drag the price lower as the RSI is having difficulty entering the overbought zone. Hence, a notable pullback may drag the price lower by 4% to 5%, while the bears may continue to relax as the bulls have begun their play. 


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